Live Company Group PLC (LON:LVCG) announced late on Friday that it has agreed amendments to its existing loan facility and equity sharing agreement (ESA) with investors YA II PN, Ltd and RiverFort Global Opportunities PCC Limited - formerly Cuart Investments PCC Limited.
In a statement, the AIM-listed firm said the maturity date of the existing loan facility, of which approximately £0.7mln in principal remains outstanding, has been extended to June 2021 from December 2020.
READ: Live Company targets expansion of BRICKLIVE brand in 2020 as contracted revenues rise
Under the extension, the principal, interest and fees under the facility will be repayable in nine equal monthly instalments of approximately £91,000, with the first payment being made in October 2020 and the final payment to be made in June 2021. The group said all other terms of the existing loan facility remain the same.
It added that the terms of the ESA have been amended so that the subscription amount will now be received over a period of 36 months commencing in March 2020, as opposed to over a period of 12 months. All other terms remain the same.
The company confirms that the terms of the new facility, of which £300,000 has been drawn to date, remains unchanged, with the first monthly payment, being due in April 2020.
David Ciclitira, Live Company’s chairman said: "The extension of the Existing Facility and ESA term with our Investors, reduces our very near term commitments and gives us greater financial flexibility going forward.
“We look forward to updating investors in due course with regards to our exciting ongoing business development and growth."