Strategic Credit Facility Established w/ Coinbase

In brief · summary, not quotable

The Smarter Web Company PLC has established a $30 million strategic credit facility with Coinbase Credit, Inc. to enhance financial flexibility, primarily for the immediate deployment of capital into Bitcoin following new equity issues, thereby reducing settlement timing risk during volatile periods. This facility, secured against Bitcoin holdings within Coinbase, carries no fees other than interest on cash drawn down and has no fixed maturity date, being repayable at the Company's discretion.

Full announcement

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The Smarter Web Company PLC (LON: SWC

OTCQB: TSWCF

FRA: 3M8) is pleased to announce that it has established a strategic credit facility with Coinbase Credit, Inc. ("Coinbase") in order to provide the Company with enhanced financial flexibility (the "Coinbase Credit Facility").

The primary use of the Coinbase Credit Facility is to enable the Company to deploy capital into Bitcoin immediately, where deemed prudent, following new equity issues, reducing settlement-related timing risk during periods of volatility. The facility is not intended to be used as a source of long-term debt for Bitcoin purchases.

Key Terms of the Facility:

Facility size: $30 million
Security: secured against Bitcoin holdings held within Coinbase
Interest: charged daily on cash drawn down at a competitive interest rate
Fees: no fees other than interest on cash used
Maturity: no fixed maturity date; repayable at the Company's discretion

Andrew Webley, CEO of The Smarter Web Company, commented:

"This facility allows us to deploy capital into Bitcoin quickly where fundraising settlement periods may otherwise hamper our ability to do so, and we are grateful to Coinbase, one of our key custodians, for their partnership in providing it to us."

Visit our website: https://www.smarterwebcompany.co.uk

The Directors of the Company accept responsibility for the contents of this announcement.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.