Alan Wake and Control developer Remedy has entered into a €15m convertible loan agreement with technology conglomerate Tencent. This type of loan is an agreement that can be converted into a predetermined number of equity shares at a later date.
Tencent’s loan is still to be approved by Remedy’s Extraordinary General Meeting, which is scheduled to be held by 24th October. Following its approval, Tencent will “have the right to convert the loan into new Remedy shares in accordance with the terms and conditions of the convertible rights” three years after the drawdown.
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