The terms of the loan facility are unchanged.

Crimson Tide's chief executive Stephen Goodwin is a trustee of the trust.

The facility is for up to £300,000 at a fixed interest rate of 12.5% payable monthly in arrears.

The trust also has the option to purchase new ordinary shares up to a value of 50% of the principal of the loan at an exercise price of 1.21875p apiece for the duration of the loan facility.

If the company issues shares at a lower price during the loan period, the exercise price will be adjusted to the lower price.

The trust also has the option to participate in any issue of new ordinary shares.

Story provided by Business Financial Newswire