Invoice Financing Loan Facility
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
12 April 2023
NARF INDUSTRIES PLC
INVOICE FINANCING LOAN FACILITY
Narf Industries plc ("Narf", the "Company", or the "Group"), (LSE: 'NARF')(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security announces that it has entered into an Invoice Financing Facility Agreement ("the Facility") with the Company's CEO, Steve Bassi.
Invoice Financing
The Group has elected to enter the Facility as it was considered to be financially more favourable to the Group than other financing options. Funds advanced to the Group under the Facility will be used to help manage the cash flows of the Company's subsidiaries, Narf Industries PR LLC and Narf Industries LLC (the "Operating Subsidiaries") in respect of timing differences on the receipts from certain invoices.
Funds advanced to the Group under the terms of the $2 million Facility will bear interest linked to the applicable US Federal interest rates, currently 4.86 per cent. per annum, and are not required to be repaid before 30 June 2024, but the Company may elect to repay amounts early without penalty and reborrow any amounts so repaid. The Facility is not secured.
The Facility also formalises existing undocumented non-interest bearing loans from Mr. Bassi to the Operating Subsidiaries which currently stand at $1.3 million. The Trade Receivables of the Operating Subsidiaries currently stand at $1.6 million all of which are expected to be received within the next 60 days.
Given the size of the Operating Subsidiaries existing and potential new customers, the Facility will be used to fund the expansion of their respective teams to meet the increasing demand it is experiencing for its products and services from existing customers, and potential customers it is currently in discussions with, as well as managing the Group's cash flow over the coming months.
Steve Bassi did not take part in the Board's discussions or deliberations on the terms of the Facility and did not attend any part of the Board meetings at which such discussions and deliberations took place.
ENDS
For further information on the Group please visit www.narfgroup.com or contact:
|
Rory Heier |
NARF |
Tel: +44 (0) 20 3468 2212 |
|
Catherine Leftley/Paul Dulieu/Isabel de Salis |
St Brides Partners |
narf@stbridespartners.co.uk |
|
Peter Krens |
Tennyson Securities |
Tel: +44 (0)207 186 9030 |
About NARF Industries plc
Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group specialising in high-end threat intelligence with a focus on critical infrastructure. The Group leads commissioned cyber security R&D and is commercialising a portfolio of products including TIGR that can be used by utilities and cyber first responders to restore power to electric grids and protecting other key infrastructure that have suffered a cyber-attack. The Group aims to further strengthen its portfolio organically and via acquisition; its team of highly qualified cyber security experts is well placed to identify opportunities.
Important notice
The content of this announcement has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (FSMA). This announcement has been issued by and is the sole responsibility of the Company. The information in this announcement is subject to change. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, the Republic of South Africa, Japan or any jurisdiction where to do so might constitute a violation of local securities laws or regulations (a Prohibited Jurisdiction). This announcement and the information contained herein are not for release, publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction.
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