TMT Investments PLC Virool -- promissory note conversion (9042T)
December 19 2012 - 6:18AM
UK Regulatory
TIDMTMT
RNS Number : 9042T
TMT Investments PLC
19 December 2012
19 December 2012
TMT INVESTMENTS PLC
("TMT" or the "Company")
Conversion of promissory note in Virool, Inc.
TMT Investments PLC, which invests in high-growth,
internet-based companies with the potential to become multinational
businesses, is pleased to announce that, through mutual agreement,
the outstanding principal and unpaid accrued interest of the
Company's convertible promissory note in Virool, Inc. (the "Note")
amounting to US$401,820 was yesterday converted into Virool's
preferred shares at an equity valuation equal to 80% of the equity
valuation applicable to the equity financing round that Virool is
currently undertaking. As a result, TMT currently owns 227,274
preferred shares in Virool representing 1.69% of Virool's fully
diluted equity capital.
TMT's original investment in Virool was made on 29 August 2012
and consisted of a US$400,000 unsecured convertible promissory note
in Virool.
Alexander Selegenev, Executive Director of TMT Investments PLC,
commented: "In the last few months, Virool has demonstrated
tremendous growth, in terms of both number of clients and revenue.
We are delighted to convert our Note, thereby increasing the fair
value of our investment in Virool by 25% in just under 4 months.
This is a good example of TMT's ability to identify and select
early stage investments in highly attractive businesses."
Virool is a self-service platform that allows advertisers to
distribute video content through a series of online publishers. An
advertiser can use the platform by placing videos on websites,
social networks, blogs, games or mobile apps that target the
demographics that the advertiser wants to reach. In exchange,
publishers make money from displaying relevant content to the
audience interacting with their websites or apps. As of the end of
October 2012, Virool had over 18,000 advertisers.
For further information contact:
TMT Investments Plc +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD and Broker
Marc Cramsie/Irina Lomova +44 20 7060 2220
Kinlan Communications Tel. +44 20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based
companies across a variety of sectors and has a significant number
of Silicon Valley investments in its portfolio. Founded in 2010 and
with capital firepower of USD26m, TMT has invested in 22 companies
to date. The company's objective is to generate an attractive rate
of return for shareholders, predominantly through capital
appreciation. The company is traded on the AIM market of the London
Stock Exchange. www.tmtinvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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