Cimco Marine AB (publ) (“Cimco Marine”) has reached an agreement in principle with the European Investment Bank (“EIB”) that also directed share issues, at a subscription price of SEK 1.5 per share, will count towards fulfilment of the conditions precedent for Tranche B under the credit facility agreement between the parties dated 5 July 2019.
On 5 July 2019, Cimco Marine entered into a EUR 14 million credit facility agreement with the EIB. The credit facility is split into three tranches, of which Tranche A in the amount of MEUR 4 was disbursed to Cimco Marine in September 2019. Drawdown of Tranche B, also in the amount of MEUR 4, is among other things conditioned upon that Cimco Marine has received at least MSEK 50 through the exercise of warrants of series 2019:1. However, Cimco Marine has reached an agreement in principle with the EIB that also directed share issues, at a subscription price of SEK 1.5 per share, will count towards fulfilment of that condition. The agreement in principle is subject to formal agreement, the details of which are currently being discussed.
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Cimco Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world´s first diesel outboard engine in the high-power segment. The Company’s unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company’s engines worldwide.