MapsPeople – Announces a directed issue of new shares in a private placement and entering into a new loan facility raising gross proceeds of DKK 20 million
Summary
Following completion of the Private Placement, the registered share capital of MapsPeople will amount to DKK 1,159,272.92 divided into 57,963,646 shares of DKK 0.02 each.The Private Placement is made pursuant to and in compliance with the applicable exemptions from the obligation to publish a prospectus.In addition to the private placement of new shares, MapsPeople, as borrower, enters into a loan agreement whereby V\xe6kstfonden, as lender, makes available a loan in the principal amount of DKK 10,000,000.The loan will be paid out in 2 installments based on performance cARR and is expected to be fully repaid in 7 years from the date hereof.The loan will be used for the Companys continuous growth and business development.The strengthened capital reserve for MapsPeople is to ensure that the company can deliver on its plans for 2023 with growth in ARR of 129% - 159% and in cARR of 50% - 64%, and projecting the point of positive cash generation before the end of 2023. The cost base of MapsPeople for 2023 has already been adjusted accordingly to support the outlined growth while projecting positive cash flow from operations during Q4 2023.In 2023 a core focus of the business is to ensure a faster integration of direct customer venues as well as a suite of initiatives to ensure a faster conversion of contracted framework agreements with the channel partners into subscriptions for specific venues. This includes continuing working on the automation capabilities in MapsPeoples softwares as well as continuous enhancement of MapsPeoples machine learning capabilities to be able to deliver new maps and updates at an unrivaled pace.The New Shares will be listed on Nasdaq First North Growth Market Denmark in reliance on the exemption in the EU Prospectus Regulation and not on the basis of a prospectus.The New Shares will be issued in the systems of VP Securities A/S ("Euronext Securities") and delivered to the investors in the temporary ISIN code DK0062269304. The temporary ISIN code will not be admitted to trading on Nasdaq First North Growth Market Denmark but will only be registered with Euronext Securities Copenhagen for use in connection with the investors subscription of the New Shares. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements.