PeerTV PLC Corporate Update re: Financing and Digitek Order (3122C)
15 Outubro 2015 - 3:00AM
UK Regulatory
TIDMPTV
RNS Number : 3122C
PeerTV PLC
15 October 2015
15 October 2015
PeerTV PLC
("PeerTV" or the "Company")
Corporate Update re: Financing and Digitek Order
PeerTV plc (AIM:PTV), a provider of technology solutions for the
OTT (TV over the internet) market, and PCB (printed circuit board)
production solutions announces that it has signed an amendment to
the Standby Equity Distribution Agreement ("SEDA") with YA Global
Master SPV Limited ("YA") dated 28 July 2014.
PeerTV and YA have amended the SEDA by extending the period for
one year and increasing the amount committed by GBP300,000 from
GBP1,500,000. Accordingly the aggregate amount under the SEDA is
increased to GBP1,800,000 and the commitment period is defined as
the period commencing on the date of this Agreement and expiring on
the earliest of the following:
i) The date on which the Investor has made payments of advances
to the Company under the SEDA amounting in aggregate to the
commitment amount
ii) The date that this Agreement is terminated
iii) July 28, 2018
The cumulative amount drawdown under the SEDA agreement totals
GBP1,005,000.
PeerTV and YA have also agreed to a further tranche of funding
of $171,000 under the Convertible Note Agreement announced on 10
February 2015. The Company will receive $107,200 net of costs due
to YA (consisting of an implementation fee of $50,000 in respect of
the SEDA extension and $13,680 in respect of draw down fees under
the Convertible Loan Note agreement). If YA converts any of its
debt under this tranche of funding, it is agreed that the issue
price per Ordinary Share shall be 0.024 pence (which is 120% of the
closing price on 12 October 2015). Such exercise price would be
adjusted accordingly to reflect the concentrative effect of any
future share consolidation.
On 30 July 2015, the Company announced that Digitek SMT
Assemblies Limited ("Digitek"), a 64.12% subsidiary of the Company,
received an order for a full turnkey manufacturing project, from an
Israeli developer and producer of advanced fleet management systems
for a total consideration of NIS730,000 (US$192,000). The order was
scheduled for delivery by the end of October 2015. At that time a
third party had indicated its willingness to provide purchase order
financing. However the Company has not been able to conclude these
arrangements and is therefore unable to complete the order by the
end of October. The Directors of the Company believe that
completion of the order may still be possible if the necessary
financing can be arranged.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
ZAI Corporate Finance Limited
Tim Coffman / Richard Morrison
Tel: +44 20 7060 2220
Daniel Stewart & Company plc
David Coffman
Tel: +44 207 7766550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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