Funding update
US$500,000 funding tranche from BURU due 31 March not yet received; expected shortly.
- On-demand convertible facility total US$5,150,000
- Second tranche due US$500,000
- Amount previously received US$150,000
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SYME, the fintech business which provides an innovative fintech platform (the "Platform") for use by manufacturing and trading companies to access Inventory Monetisation© ("IM") solutions enabling their businesses to generate cashflow, announces the following update in respect of the US$5,150,000 on-demand convertible funding facility with Nuburu Inc., a NYSE listed (NYSE American: BURU) high-tech company of which Alessandro Zamboni, a director of the Company, is Executive Chairman ("BURU") (the "New On-Demand Facility").
As set out in the announcement dated 19 March 2025, SYME was due to receive the second tranche of US$500,000 on or before 31 March 2025. This amount has currently not been received by the Company, however the latest communication that the board of directors of SYME has had with BURU, via Alessandro Zamboni, is that the US$500,000 will be received by the Company shortly.
The Company will issue a further update once the US$500,000 (that was due on or before 31 March 2025) has been received.
As set out in the announcement dated 19 March 2025, SYME previously received US$150,000 from BURU as an advance payment under the New On-Demand Facility. To date no other amounts have been received from BURU under the New On-Demand Facility.
Alessandro Zamboni, the Chief Executive Officer of the Company, is a related party in connection with the New On-Demand Facility due to the fact that he is also the Executive Chairman of BURU.
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.