Working capital funding
07 Ottobre 2005 - 9:01AM
UK Regulatory
RNS Number:3482S
Elcom International Inc
07 October 2005
7 October 2005
Elcom International Inc. ("Elcom" or the "Company")
Elcom receives further working capital bridge financing
Elcom, a leading international provider of remotely-hosted eProcurement and
eMarketplace solutions (the "Company"), announces that it has received further
short-term working capital loan funding from several sources amounting in total
to approximately #305,000.
This loan funding will be convertible into common shares at the issue price of
shares that may be sold in the potential issuance of shares in the UK, to be
listed on AIM (the "Placing"). The Company continues negotiations to raise
approximately #3.5 million of additional capital via the issuance and sale of
common shares to investors under Regulation S. The issuance of these shares is
expected to result in substantial dilution to the Company's existing
stockholders as a result of the expected issue price being at a substantial
discount to the current market price. There can however be no assurance that any
such financing can be realised by the Company or, if realized, what the terms
thereof may be, or that any amount the Company is able to raise will be adequate
to support the Company's working capital requirements until it achieves
profitable operations. Failure to consummate the Placing or other near-term
financing, such as additional advances or loans or customer advances, would
likely force the Company to curtail or cease operations and/or seek protection
under bankruptcy laws in October 2005 or shortly thereafter.
This information is provided by RNS
The company news service from the London Stock Exchange
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