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TV2U International Limited secures additional funds against the convertible notes and placement of ordinary shares to the lender Lind Asset Management XIII, LLC.
In the announcement dated 23 January 2019, TV2U International Limited (ASX:TV2) stated that it had inked a new funding agreement with Lind Asset Management for a secured A$500,000 convertible note, and up to A$7,200,000 by placement of ordinary shares. The company intends to utilize these funds to support the ongoing roll-out the Companyâs platform and to meet working capital commitments.Â
Non-Executive Chairman of TV2U, Phil McKeiver stated that âTV2U has secured the Lindâs continuing support towards the companyâs key developments which will result into the revenue growth on existing projects as well as bring in new projects to broaden the companyâs customer portfolio sustainably.
Under the New Funding Agreement, the company will receive A$500,000 against the issuance of convertible notes that have a face value of A$600,000. These convertible notes, subject to shareholderâs approval will reportedly be convertible into shares at any time after 30 April 2019 until the date that is 24 months after the date of First Closing. The relevant floor price for conversion has been fixed to A$0.005 per share. The company further stated that convertible notes are secured against general security over all of the Companyâs assets granted to Lind.
Further, the company has entered into a Share Purchase Agreement for securing up to A$7,200,000Â by placement of ordinary shares to Lind. Pursuant to the terms of the Share Purchase Agreement, each month Lind will make a pre-payment for shares in the company of between A$100,000 and A$300,000 for up to twenty-three months in addition to the immediate payment of A$150,000 for the first tranche shares. Also, TV2U is liable to pay a commitment fee of A$50,000 to Lind on or at the First Closing.
However, the companyâs existing funding agreement with Lind is reported to remain in place. It includes the Convertible Security Funding Agreement that the company has entered into in September 2018 under which the Company has drawn down A$1,500,000 in funds to date. Although the original collateral shares issued under the Existing Funding Agreement have been reduced to zero, the company has agreed to issue 40,000,000 fully paid ordinary shares to Lind in consideration of Lind entering into the New Funding Agreement.
TV2 last traded at $0.008 with a market capitalization of $14.62 million. There has been a daily stock price change on 24 January 2019 of 14.286%, and just 729,665 shares changed hands on ASX, today. Over the past 12 months, TV2 stock price has witnessed a negative trend of around 50.00%. But the stock has massively gone up by 40% over the last month.
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