Dutchess Opportunity Cayman Fund agrees to buy shares over four years
By Devika Patel
Knoxville, Tenn., May 10 - RedHot Media International Ltd. said it arranged a £20 million four-year equity line facility with Dutchess Opportunity Cayman Fund Ltd. The financing was arranged by First Columbus LLP.
Dutchess has committed to buy up to £10 million of company shares over four years at a 10% discount to the lowest daily volume weighted average price of the shares for the 20 trading days preceding the put notice. The shares will be sold in tranches of at least £200,000.
Proceeds will be used for strategic business diversification purposes, expansion strategies and additional working capital.
RedHot is a Petaling Jaya, Malaysia, media, advertising and marketing company.
| Issuer: | RedHot Media International Ltd.
|
| Issue: | Equity line facility
|
| Amount: | £20 million
|
| Tenor: | Four years
|
| Price: | 10% discount
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Cayman Fund Ltd.
|
| Settlement date: | May 10
|
| Stock symbol: | London: RHM
|
| Stock price: | 56.88p at close May 9
|
| Market capitalization: | £18.08 million
|
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