Qlife raises loans of SEK 15 million to strengthen working capital ahead of the upcoming market launch.
The Board of Directors of Qlife Holding AB has today entered into loan agreements of SEK 15 million.
Qlife expects to CE mark its COVID-19 test for professional use in the Egoo.Health system within short. With the CE mark, Qlife's cost-effective, fast, and mobile PCR tests can be marketed and sold on the European market.
The company is experiencing great interest in the European market launch as there is a growing and urgent need to carry out fast and reliable COVID-19 tests. To meet demand, Qlife intends to increase the pace and scale up capsule production. At the same time, the Company aims to continue its development activities according to the previous plan. The company has therefore chosen to raise the loans to strengthen its working capital.
"The loans gives us the opportunity to execute on the market launch of our COVID-19 test in Europe and at the same time ensure continued development in our product portfolio," says Thomas, Warthoe, CEO of Qlife.
The loans are granted by Formue Nord and a major private shareholder and the loan term runs over eleven months from December 2020 to November 2021. The company expects to repay the loan with proceeds from the expected execution of the Company's warrants (QLIFE TO1) in May 2021. The loans are entered into on market terms of 1% monthly interest and an additional 6% set-up fee. The company has the right to repay the loan in advance.
This disclosure contains information that Qlife Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 22-12-2020 10:59 CET.