Funding Update
US$5.15m convertible funding facility from BURU delayed; US$1.13m of tranches unpaid as of 1 June.
- Convertible funding facility US$5,150,000
- Amount received to date US$520,000
- Unpaid amounts US$1,130,000
- Second tranche unpaid US$130,000
- Fourth tranche due US$1,000,000
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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 signed on 18 March 2025 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, a third tranche of US$1,000,000 on or before 30 April 2025, and a fourth tranche of US$1,000,000 on or before 31 May 2025. On the 1 April 2025 and 1 May 2025, the Company announced respectively that the second and third tranches had not been received by the Company. Additionally, on the 1 May 2025, the Company announced that total amounts of US$370,000 have been received from BURU leaving unpaid amounts of US$130,000 in relation to the second tranche of US$500,000 due on or before 31 March 2025.
In addition, as set out in the announcement dated 19 March 2025, an amount of US$150,000 was received in March 2025 from BURU as an advanced payment for the New On-Demand Facility. As at the date of the announcement, no further amounts have been received from BURU by the Company since 1 May 2025. Furthermore, the fourth tranche of US$1,000,000 due on or before 31 May 2025 has currently not been received by the Company.
The latest communication that the board of directors of SYME has had with BURU, via Alessandro Zamboni, is that BURU is finalising the necessary regulatory approvals to allow BURU to raise the required capital to complete its strategic investments, which include also the full payment of each instalment envisaged within the New-On Demand Facility. The Company will issue a further update once the overdue amounts have been received, or as otherwise required.
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.