By Susanna Moon
Chicago, July 3 - ReelTime Media Ltd. said it placed convertible notes with Maylord Equity Management Pty Ltd. for A$2 million.
The first A$1 million placement of 40 million shares is convertible at $0.025 per share on or before the June 28.
The second placement of A$1 million is to be provided at the note holders option by Aug. 30 and is convertible at a discount of 20% of the volume-weighted average price of the shares in the five trading days prior to the date of conversion.
The convertibles are redeemable on or before 28 June 2008 and are subject to shareholder approval.
Proceeds will be used for working capital.
Reeltime Media Ltd., formerly Flowcom Ltd., provides internet protocol television and is based in South Melbourne, Australia.
| Issuer: | ReelTime Media Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$2 million
|
| Shares: | 40 million (for first A$1 million); the rest is to be determined
|
| Conversion price: | $0.025
|
| Warrants: | No
|
| Announcement date: | July 3
|
| Stock symbol: | Australia: RMA
|
| Stock price: | A$0.022 at close July 2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
