18-2020 5th Planet Games stops convertible loan agreement with Formue Nord

COPENHAGEN, April 24th, 2020: 5th Planet Games A/S (OAX: FIVEPG) is pleased to announce that the company has decided to pause until further notice the call down of new tranches in the funding solution the company entered into with Formue Nord back in May 2019. The Board is evaluating various alternate funding solutions to finance continued operations and the planned game launches of Tintin, Doodle Jump and Vikings. This means that Formue Nord will not convert or sell any more shares for now but are instead entering into a lock-up period where they are classified as insiders in 5th Planet Games. The short registration will also disappear when the remaining shares has been issued end of May 2020. The total outstanding amount to Formue Nord of NOK 6,352,148 is considered to be repaid in cash by securing a more stable and more attractive financing structure. 5th Planet Games is pleased that Formue Nord has been willing to accept this strategy and work actively towards a much more attractive solution for the shareholders in 5th Planet Games A/S. “We can now see that our cost saving activities back in 2019 are being reflected in a positive way in our P&L, and with the upcoming game launches, we believe it is now the time to adjust the financing set-up to a more favorable way forward for 5th Planet Games and our shareholders” says Henrik Nielsen, CEO of 5th Planet Games. About 5th Planet Games: 5th Planet Games is a mobile games developer and publisher located in Copenhagen and Berlin. We cooperate with strong IP´s as the Adventures of Tintin and premium sports brands as Cristiano Ronaldo and Nyjah Huston. We are proud to expand the world of the Vikings TV series, the legendary game Doodle Jump and our own IP Hugo. For more information see www.5thplanetgames.com or contact CEO Henrik Nielsen +45 27 200 200