On Friday, Sealand Capital Galaxy Limited [LSE: SCGL], an IT, Social Media & Technology company, announced a conditional investment in EVOO AI Plc, marking its entry into the AI industry. This strategic move is aimed at leveraging the rapidly evolving technology sector, which is being transformed by new AI models and applications.
The company has been focusing on building and supporting innovative companies in the IT and technology sectors, with a particular emphasis on expanding their reach into the APAC region. Recognizing the transformative potential of AI, Sealand's Board and management have identified EVOO AI as a suitable opportunity to complement their existing portfolio or to serve as a springboard into new markets.
In conjunction with this investment, Sealand announced a directorate change. Ms. Elena Suet Sum Law has been appointed as the Chief Executive Officer and is expected to join the Board of Directors following regulatory approval. Ms. Law has been with the company for over seven years, contributing significantly to its strategic initiatives. Concurrently, Mr. Nelson Law has resigned as Chairman due to other corporate commitments.
EVOO AI Plc specializes in AI-driven insights for the luxury goods sector through its proprietary data platform. The company aims to complete an equity funding round and expand its pipeline of luxury brand partners. EVOO AI's platform, Olive, is set to soft-launch, offering a luxury e-commerce marketplace curated by influencers.
The terms of the Conditional Convertible Loan Note Agreement (CLN) with EVOO AI Plc include a 30-day due diligence period and a £300,000 loan facility to be advanced in two tranches. The loan carries a 12% interest rate and provides share purchase warrants to the lender.
Furthermore, Sealand has entered into a non-binding term sheet with Liberty North Capital Corp. for equity and debt-financing to support its operations and growth. This includes a brokered equity placement to raise up to £170,000 and an unsecured convertible loan note facility of up to £3,000,000.
Sealand has also appointed Bowsprit Partners Limited as its financial adviser to assist with strategic and corporate finance advice. The Board of Sealand has stated that while there is no guarantee that the funding arrangements will be finalized, they are committed to pursuing this opportunity.
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