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.
At OXE Marine we are driven by the ambition to transform the outboard motor; impacting the journey towards a more sustainable and ecologically positive marine environment. We are passionate, knowledgeable, and reliable. Passionate to commit to innovation and excellence, knowledgeable to recruit and retain high-quality personnel, and reliable to commit to supplying safe, durable, and reliable products and services and to openness and fairness with all our stakeholders. OXE Marine believes in a strong collaborative approach between our teams and partners while being daring and persistent in our passion for excellence. OXE Marine was founded in 2012, and is the company behind a patented outboard transmission, enabling the use of high torque diesel engines on outboard systems and in sterndrive solutions.