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2010-05-31 08:00:00 CEST 2010-05-31 08:00:02 CEST SÄÄNNELTY TIETO GeoSentric Oyj - Company AnnouncementFINANCING ROUND UPDATE, PRELIMINARY AGREEMENT ON 6M€ ADDITIONAL FINANCINGGEOSENTRIC OYJ STOCK EXCHANGE RELEASE May 31, 2010 at 9:00 FINANCING ROUND UPDATE, PRELIMINARY AGREEMENT ON 6M€ ADDITIONAL FINANCING As previously informed GeoSentric Oyj has been preparing a new financing round to raise additional financing through the Company's fully owned Dutch subsidiary GeoSolutions Holdings N.V. to secure the working capital needs of the group and to support the execution of the business plan. As disclosed on March 29, 2010 the Company has decided to extend financing round until the end of the year 2010. As the Company also informed in its Financial Statements 2009 release published on March 31, 2010 it will need to raise at minimum 6M€ of external financing during the Q2 2010 to secure sufficient liquidity. The Company has now reached a preliminary agreement on a short-term 6M€ financing package with its lead investor, securing sufficient liquidity. The new financing would be part of the current financing round but also introduce some changes to the terms of Company's current convertible bond loan terms, as requested by the investors, resulting in a clearly increased dilutive effect on the shareholdings in the Company. The details of the financing will be released as a part of the invitation to the Annual General Meeting, which will be released in the next days to come, subject to final agreement with the investor on the specific terms and requirements. GeoSentric Oyj For more information, please contact: investors@gypsii.com Distribution: NASDAQ OMX Helsinki Principal news media |
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