|
GSTechnologies Ltd on Wednesday said it cancelled its $1.6 million loan facility, announced in late December, after one drawdown of $800,000, meaning a second drawdown of the same amount is no longer available. The Milton Keynes, England-based information technology solutions company said its directors reviewed the capital requirements of the company and decided against further utilising the facility in the year. As a result, it decided to cancel the facility, with a total principal amount of $285,000 remaining outstanding under the facility from the first instalment. The remainder has already been converted into company equity, as previous announced. Before cancellation, the second instalment of $800,000 was available for drawing down from June 26. Shares in GSTechnologies were up 18% to 0.42 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
