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On 30 December 2024, World Chess Plc's subsidiary, World Chess Events Ltd (WCE), entered into a loan facility agreement with an existing shareholder. The facility provides €6 million, repayable with 4% annual interest by 31 December 2025. An initial tranche will refinance an existing short-term loan, with remaining funds allocated for an expanded marketing program for chessarena.com if drawn.
| Date | 30 Dec 2024 |
| Time | 07:00:03 |
| Category | Miscellaneous |
| ID | 5338R |
30 December 2024
World Chess Plc
("World Chess" or the "Company" or the "Group")
World Chess Secures €6 Million Loan Facility
World Chess (LSE: CHSS), a leading chess organisation committed to enhancing the global mass market appeal of chess by introducing a variety of innovative chess-related activities, is pleased to announce that its subsidiary company, World Chess Events Ltd ("WCE"), has entered into a loan facility agreement (the "Facility") with an existing shareholder for a total amount of €6 million.
The Facility is available to be drawn down and repaid in tranches by WCE and is due for repayment in full including interest at 4% per annum by 31 December 2025.
The initial tranche of the Facility will be used to refinance an existing short term loan on improved terms, with the remaining funds, if drawn down, providing additional working capital for an expanded marketing program aimed at promoting chessarena.com, the Group's online chess gaming platform.
Ilya Merenzon, Chief Executive Officer of World Chess, commented:
"This Facility represents an important step in our growth journey. Our main digital product, chessarena.com. the official gaming platform of FIDE - the World Chess Federation, is positioned to scale rapidly, and access to funding ensures we can capitalise on our momentum to establish chessarena.com as the leading global platform for chess players, clubs, and enthusiasts."
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
For more information, visit: www.worldchess.com or contact:
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World Chess Ilya Merenzon, CEO |
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Novum Securities Limited - Financial Adviser David Coffman / George Duxberry |
+44 (0) 20 7399 9400 |
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Notes to Editors
About World Chess Plc
World Chess (LSE: CHSS) is a London-based chess gaming and entertainment company and Fédération Internationale des Échecs ('FIDE') official commercial partner. World Chess organised the FIDE Championship Matches in the USA, and the UK, and revolutionised the sport by signing the biggest media partnerships in history. World Chess develops Armageddon, the chess league for prime-time television. World Chess also runs FIDE Online Arena, the exclusive official chess gaming platform. More at worldchess.com.