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2011-02-01 10:30:00 CET 2011-02-01 10:30:01 CET REGLAMENTUOJAMA INFORMACIJA GeoSentric Oyj - Company AnnouncementFINANCING UPDATE, SECOND TRANCHE OF ADDITIONAL FINANCING RECEIVED, FURTHER FINANCING REQUIRED TO SECURE SUFFICIENT LIQUIDITY AFTER Q1GEOSENTRIC OYJ STOCK EXCHANGE RELEASE February 1, 2011 at 11.30 FINANCING UPDATE, SECOND TRANCHE OF ADDITIONAL FINANCING RECEIVED, FURTHER FINANCING REQUIRED TO SECURE SUFFICIENT LIQUIDITY AFTER Q1 The Company announced on January 20, 2011 an agreement for further additional financing of up to 1.8M€ of which 800,000€ were raised immediately. The Company has now also received the second tranche of 1.0M€ of the agreed additional financing. As a result of receiving the full 1.8M€ of additional financing the Company has also allocated the issued 144,000,000 special rights to the lead investor as informed in the stock exchange release on January 20, 2011. As the Company further announced in its Q3 2010 interim report released on November 18, 2010, its working capital is not sufficient for the next 12 months without raising additional external financing. The Company estimates that the now received additional 1.8M€ financing is, under the current business plan, sufficient to finance its operations through the Q1 2011. Therefore, and as informed in the stock exchange release on January 20, 2011, the Company needs to strongly rely on ongoing support from its key investors and shareholders to secure its financing requirements. The Company does not currently have any committed or secured financing for its operations after Q1 2011 and it is now working intensively with its lead investor and other key investors and shareholders to secure a long-term financing solution. The Company estimates that retaining sufficient liquidity would require a minimum of 5.2M€ of additional financing received in 2011 in addition to the 1.8M€ already received. As a part of a long-term financing solution the Company is also planning to offer all its shareholders an opportunity to participate the financing on equal terms to those to be agreed with and offered to the investors. 1.2.2011 GeoSentric Oyj For more information, please contact: investors@gypsii.com Distribution: NASDAQ OMX Helsinki Principal news media |
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