|
|||
2008-09-03 14:00:00 CEST 2008-09-03 14:00:00 CEST REGULATED INFORMATION GeoSentric Oyj - Company AnnouncementGEOSENTRIC ARRANGES FINANCING ROUND AND DRAWS FIRST PART OF FINANCINGGEOSENTRIC OYJ BULLETIN September 3, 2008 at 15.00 GEOSENTRIC ARRANGES FINANCING ROUND AND DRAWS FIRST PART OF FINANCING As informed in interim report released on August 20, 2008 GeoSentric Oyj has been preparing a new financing round to raise at minimum EUR 10,000,000 to support its current business plan, growth of the operation and future investments. GeoSentric Oyj has now agreed on final financing terms with its main investors and received an investment commitment of EUR 10,000,000 from the lead investor Schroder & Co., Limited. The Board has decided to approve the investment commitment and the terms of financing as follows. The board has decided to raise a maximum amount of EUR 16,000,000 (“Issue”) by virtue of authorization granted by the Extraordinary General Meeting of September 10, 2007, by issuing a loan note which includes a specific option right to use the note to set off subscription price of shares as according to Chapter 10, Clause 1 of the Finnish Companies Act (“Note”). The Note shall be directed to at maximum one hundred institutional and qualified investors accepted by the Board. The note provides a minimum conversion ratio of EUR 0.106 exceeding the current share price and is exercisable only at predefined conversion events. The maximum amount of new shares to be subscribed by virtue of the Note is 150,302,466, assuming that the maximum amount of financing is raised. Of the share subscription price EUR 0.01 is booked to share capital and the remainder in invested unrestricted equity fund. As a result of the Note Company's share capital may increase by a maximum of EUR 1,503,024.66. The maximum principal amount of the Note is EUR 16,000,000 and the interest rate of the Note is 12.5 % payable semi-annually. The Note period is five years ending on August 25, 2013. The Company has a right to withdraw the committed amount in two separate parts during the following three months. In connection with approving the investment commitment of Schroder & Co., Limited the Board has decided to withdraw the first part of EUR 2,800,000 of the commitment. Subscription period for the Issue ends on November 18, 2008. September 3, 2008 GeoSentric Oyj Distribution: Helsinki Exchanges Principal news media |
|||
|