Funding update
US$300,000 tranche from Nuburu convertible facility received after delay; remaining payments expected by September 2025.
- Convertible facility total US$5,150,000
- Tranche received 2 July 2025 US$300,000
- Remaining scheduled payments US$4,200,000
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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, and amended on 10 June 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 "Amended On-Demand Facility").
As set out in the announcement dated 11 June 2025, SYME was due to receive the next tranche under the Amended On-Demand Facility of US$300,000 on or before 23 June 2025. However, as set out in the announcement dated 24 June 2025, this amount had not been received in line with the agreed payment schedule.
The Company is pleased to confirm that this amount of US$300,000 was received from BURU on 2 July 2025. The latest communication that the board of directors of SYME has had with BURU, via Alessandro Zamboni, is that BURU currently expects to make the remaining payments to the Company in line with payment schedule included in the Amended On-Demand Facility which remains as follows:
- US $1,200,000 on or before 15 July 2025;
- US $500,000 on or before 30 July 2025;
- US $1,000,000 on or before 31 August 2025; and
- US $1,500,000 on or before 20 September 2025.
The Company will issue further updates as required.
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.