#VELA Vela Technologies PLC investee Co. #TSP TruSpine PLC – Further re Bridge Loan Facility & Letter of Intent February 20, 2023 – Posted in: Vela Technologies Plc (VELA) – Tags: device, finance, london stock exchange, medical, posture, Small cap, spinal, truspine, vertibrae

TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, provides an update in relation to the announcement released on 8 February 2023 concerning the expected receipt of funding from the Bridge Loan facility and the subscription for Tranche 1 of the staged equity funding under the LOI entered into with the Investment Group.

Funding from the Bridge Loan facility has not yet been received by the Company, however the Directors believe, based on discussions with the Investment Group, that the funds will be forthcoming in due course and the subscription for Tranche 1 of the staged equity funding is expected to be subscribed for on or before 1 March 2023. However, there is no guarantee that the funds from the Bridge Loan facility or from the Tranche 1 subscription will complete successfully.

As previously notified, in the event that the Bridge Loan facility does not complete successfully and the equity drawdown funds are not received, the Company will need to raise further capital in the short term. The Company continues to carefully manage its working capital and its financial position remains weak and is dependent on the goodwill of its creditors to continue trading. A further announcement will be made in due course.

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company’s announcement of 3 January 2023.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.

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