Magnasense obtain loans of totaling MSEK 3 from board members
Magnasense AB (“Magnasense” or the “Company”) has today entered into loan agreements with board members regarding the raising of loans totaling MSEK 3. The loans are raised in order to strengthen the Company’s working capital and to fund the Company’s investments.
Magnasense has today raised loans of MSEK 3. The Company has entered into loan agreements of MSEK 1.5 each with board members Fredrik Häglund and Michael Schwartz (the “Lenders”). The loans are raised in order to strengthen the Company’s working capital and to fund the Company’s investments.
The loans amount to a total of MSEK 3. The loans shall accrue at a compounding interest of 2.0 per cent per the beginning of each 30-day period on the total outstanding amount of the loans, from the day the Lenders pays out the loans until the loans are repaid in full and settled at the Lenders’ account.
The commitment fee is 5.0 per cent of the loans. The commitment fee is to be paid by the Company to the Lenders as compensation for the granting of the loans by the Lenders. The commitment fee will not be paid in cash but will be deducted by the Lenders from the payment of the loan.
The loans are due for payment on 30 March, 2025. Magnasense has the right to repay the outstanding loans at any time, including accrued interest without the Lenders demanding compensation for interest rate differential. If the Company carries out a rights issue, the loans must be paid back by the issuing agent in the rights issue including any interest accrued.
The board of directors has determined that the terms of the loans are market-based and that the obtaining of the loans is in the best interests of both the Company and its shareholders. The obtaining of the loans was preceded by a market sounding carried out by external advisers.
Fredrik Häglund and Michael Schwartz have not participated in the preparation of the board's decision to enter into the loan agreements beyond their role as parties to the negotiations.
For further information, please contact:
Marco Witteveen, CEO
E-mail: ir@magnasense.com
The company's Certified Adviser is Eminova Fondkommission AB | adviser@eminova.se
About Magnasense AB
Magnasense is a Swedish diagnostics company founded in 2019 to offer tests to monitor and optimize the dosage of biological drugs via its unique patented technology platform. In June 2020, Magnasense was listed on the Nasdaq First North Growth Market. The company's ambition is, in addition to bringing innovative diagnostic technology to the market, to make diagnostics more accessible, easier to use and to provide accurate and easily transferable results. For more information, see Magnasense's website www.magnasense.com.