Sparkledun Limited announced that it has entered into convertible loan note instrument for gross proceeds of £300,000 on March 31, 2022. The transaction will include participation from Ridgecrest plc. The note is unsecured, carries an interest rate of 12% per annum (payable on redemption) and, unless otherwise agreed between the parties, is due for repayment on the first anniversary of the instrument's execution.

Ridgecrest plc may elect to convert the principal amount of the loan into a minority interest (of less than 5%) in the ordinary shares of company at a price of £59.45 per share.