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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merenzon@worldchess.com
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Novum Securities Limited - Financial Adviser
David Coffman / George
Duxberry
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+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.
