IRRAS Secures Extended Short-Term Loan Agreement

Stockholm, Sweden (September 15, 2023) – IRRAS AB (publ) (“IRRAS” or the “Company”) today announced an extension of its short-term financing agreement with Bacara Holdings, its second largest shareholder, which is led by Marios Fotiadis, the company’s Chairman of the Board of Directors. The total loan facility has been increased from SEK 60 million to SEK 80 million with the added amount paid immediately in a tranche of SEK 20 million and will continue to carry an interest rate in the amount of 6.00% on an annual basis.

Under this extension, the total loan facility will now fall due on 15 October 2023.  Repayment of the loan will continue to be secured by a pledge over the company’s patents and the shares of the company’s United States subsidiary, IRRAS USA Inc. In addition, IRRAS USA Inc. have guaranteed all obligations of IRRAS AB under the loan agreement, and IRRAS AB have entered into a license agreement with IRRAS USA Inc. (which such agreement being collaterally assigned to the lender) under which IRRAS AB grants IRRAS USA Inc. an exclusive, royalty-free, fully-paid, irrevocable, perpetual license to all of IRRAS’s intellectual property everywhere in the world other than Sweden, Denmark Norway and Finland.

This disclosure contains information that IRRAS is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15-09-2023 08:00 CET.

 IRRAS Secures Extended Short-Term Loan Agreement

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