NextGen Group (LSE: NGG.L - news) plc ("NextGen (Tel Aviv: SLA-M.TA - news) " or the "Group")
Convertible Loan Agreement of €800,000
In order to continue to fund the continued working capital requirements of the Group, NextGen has entered into a convertible loan agreement for the provision of additional funding of €800,000. This additional funding is in line with the Directors' expectations, as announced on 4 November (Stuttgart: A0Z24E - news) 2011, that further funding was likely to be required in early Q1 2012.
The convertible loan agreement is with Alpha 4 Concepts GmbH and the terms of the loan, which is for a period ending on 31 November 2012, include a coupon of 12% pa and the loan is repayable on 7 days' notice.
The loan (plus interest) shall be convertible, at the lender's option no later than two business days following the end of the loan period, into ordinary shares in the Company at a price of 0.1p per share plus one warrant for every share issued, with the warrants being exercisable for 3 years from the date of grant.
The lender has requested that nanotecquity AG receive a monitoring fee, payable by the Company, of a total of €80,000 for the period of the loan, such sum to be payable at the lender's option in cash or shares.
For further details please contact:
Klaus Rosenau, Chairman +49 160 5516756
NextGen Group
Jonathan Wright/Nicola Marrin 020 7107 8000
Seymour Pierce Limited
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