EMV Capital (AIM:EMVC), the AIM-listed deep technology and life sciences investment group, has announced the completion of the first closing of Q-Bot Limited’s £1.3 million fundraising programme, with the initial tranche valued at £630,000.
The investment round, led by EMV Capital Partners (WA:CPAP), includes £100,000 in third-party loans under an extended facility agreement, £510,000 in convertible loans, and £20,000 in advance subscription agreements.
EMV Capital itself invested £350,000 through a convertible loan agreement (CLA). This included £250,000 satisfied by issuing 409,836 new EMV Capital ordinary shares to Q-Bot at 61p per share, representing a 25.5 per cent premium to Monday's closing price.
The remaining £100,000 was settled by releasing outstanding fees owed by Q-Bot, an underfloor insulation specialist, for services rendered.
The CLA terms include a 14% annual interest rate and an 18-month maturity period. EMV Capital retains the right to convert the loan into Q-Bot equity at a 70% discount to the valuation of any subsequent fundraising round, with mandatory conversion triggered if Q-Bot raises £3 million or more.