By Laura Lutz
Des Moines, Sept. 25 - Mobile Tornado Group plc arranged a private placement of stock with InTechnology plc.
Mobile Tornado sold 80 million ordinary shares at 5p each for proceeds of £4 million.
Settlement of the deal depends on shareholder approval at an Oct. 23 general meeting.
The issued shares will represent 43.38% of the outstanding stock following the placement.
Proceeds will be used for sales and development, including in the emerging hosted Push to Talk services market, and for working capital.
The placement in part replaces an earlier placement with Jorge Pinievsky for which the company never received payment.
London-based Mobile Tornado provides instant communication services on mobile phones.
| Issuer: | Mobile Tornado Group plc
|
| Issue: | Stock
|
| Amount: | £4 million
|
| Shares: | 80 million
|
| Price: | 5p
|
| Warrants: | No
|
| Investor: | InTechnology plc
|
| Announcement date: | Sept. 25
|
| Stock symbol: | London: GBT
|
| Stock price: | 6.25p at close on Sept. 25
|
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