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."