Messaging International Plc Venture Lending Loan (1587D)
26 Gennaio 2015 - 4:21PM
UK Regulatory
TIDMMES
RNS Number : 1587D
Messaging International Plc
26 January 2015
Messaging International Plc / Market: AIM / Epic: MES / Sector:
Technology
Messaging International Plc ('the Company')
Approved for new US$1,000,000 Venture Lending Loan
Messaging International Plc, the AIM traded developer of
messaging solutions, through its wholly owned subsidiary,
TeleMessage Ltd ("TeleMessage"), has yesterday signed a
US$1,000,000 venture lending loan to its subsidiary TeleMessage
from Mizrahi Tefahot Bank Ltd ("Mizrahi"), one of Israel's largest
banks. This loan will be used for general working capital and the
development of new innovative products and services by
TeleMessage.
Under the terms of the agreement, TeleMessage can access this
debt facility and will withdraw the full amount until 31 June 2015,
with repayments in 36 instalments. The interest rate on the loan is
the London Interbank Offered Rate plus 6%.
The new loan replaces the previous loan signed in June 2012 with
the amount left on the 2012 loan of approximately $150,000 will be
repaid.
In addition, as part of the agreement, the Company will grant to
Mizrahi 4,500,000 warrants exercisable at any time from grant to 24
January 2020. The warrants are exercisable at a price of 0.91p per
share representing the average closing price of an ordinary share
in the capital of the Company (as derived from the AIM Appendix to
the Daily Official List) during the 30 days immediately prior to
the signing of such warrant (but not including).
The Company has also extended the exercise period of the
3,896,804 warrants, granted to Mizrahi under the agreement signed
in June 2012, from 17 June 2017 to 24 January 2020. (All previous
15,148,812 warrants granted to Mizrahi in 2008 expired in August
2014.)
Guy Levit, CEO of Messaging International Plc, said,
"TeleMessage is committed to developing innovative, cutting-edge
products and services for customers worldwide. Our new secure
business mobile messaging platform demonstrates the value of
business-friendly messaging tools that achieve the ease of use that
consumer apps provide, like WhatsApp and Viber, but with businesses
requirements including advanced security features, administrative
capabilities and ability to integrate with other applications and
systems. These additional funds will assist us in improving our
business mobile messaging solutions, and bolster our sales and
marketing efforts in order to leverage our presence in the
enterprise messaging space. This growth potential has clearly been
recognised by Mizrahi through the thorough due diligence it
conducted on the Company. Gaining the continuous support of such a
well-established bank is testament to the quality of products and
business that we have developed at Messaging International."
**ENDS**
For further information visit www.telemessage.com or
contact:
Guy Levit Messaging International Plc Tel: + 972 3 9225252
Mark Percy Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
Catherine Leftley Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
Messaging International Plc joined AIM in August 2005. Its 100%
owned subsidiary, TeleMessage Ltd (www.telemessage.com), delivers
smart and secure messaging seamlessly over any communication
device. Designed specifically for mobile operators and enterprises,
the enterprise and VAS consumer solutions intelligently and
seamlessly handle text, voice, data, and multimedia messages as
well as IP messaging via Smartphone push notifications or RCS over
mobiles, tablets, the web, Office, APIs and IT infrastructure. The
Company has a number of contracts with major blue chip companies
including Sprint, one of the largest wireless providers in the US,
Rogers Wireless, the largest wireless provider in Canada, and many
more.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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