Clevon AS signed a convertible loan agreement
Clevon AS and Osaühing Aaloe Kinnisvara (Lender) signed a convertible loan agreement on 29.05.2023. The loan amount is 700,000 euros and Clevon AS will use the entire loan amount at once. The interest rate of the loan is 15% per year and the repayment date is 30.04.2025. The loan principal is repaid on the due date of the loan, but interest payments are made by Clevon AS by the 15th day of each month.
After the merger of Clevon Investors AS and Clevon AS, the loan agreement will be transferred to Clevon Investors AS.
In the event of the next round of raising funds, the Lender has the right to choose whether to convert the loan into shares or demand repayment of the loan on the repayment date. If the Lender decides to convert the loan into shares, then the price of the conversion depends on the conditions for raising additional capital. If the Lender decides not to convert the loan into shares, the loan will be repaid on the repayment date.
The purpose of the loan is to develop the Clevon business model and cover current expenses.
Additional information:
Arno Kütt
Chairman of the Management Board of Clevon AS
arno.kutt@clevon.com
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