TMT Investments PLC Additional investment in Tracks Media, Inc. (5341Z)
March 08 2013 - 2:00AM
UK Regulatory
TIDMTMT
RNS Number : 5341Z
TMT Investments PLC
08 March 2013
8 March 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Additional investment in Tracks Media, Inc.
TMT Investments PLC, which invests in high-growth,
internet-based companies across a variety of sectors, is pleased to
announce the completion of an additional investment in Tracks
Media, Inc. ("Tracks").
Incorporated in Delaware and headquartered in New York City, NY,
Tracks (www.tracks.io) is a mobile and web service that enables
users to effortlessly create photo stories around real world
experiences ('tracks'). Each track is a living micro-social network
based on thematic experiences in the real world.
TMT's original investment in Tracks was completed on 24 November
2011 and consisted of a US$450,000 unsecured convertible promissory
note in Tracks (the "First Note"). In December 2012, the First
Note's term was extended to 30 November 2013.
TMT's new investment consists of a US$100,000 unsecured
convertible promissory note in Tracks (the "Second Note") on the
following terms:
-- Interest rate - 5% per annum.
-- Term - the Second Note will be repayable in whole or in part
at par at TMT's option on any date after 30 November 2013.
-- Conversion -
o Automatic conversion: Any outstanding principal and unpaid
accrued interest on the Second Note will be automatically converted
into Tracks's equity securities upon the earliest of (i) closing of
the next equity financing of at least US$2,000,000, or (ii) change
of control of Tracks, in either case at an equity valuation equal
to the lower of (i) 85% of the equity valuation of Tracks
applicable to the next equity financing or change of control, or
(ii) US$5,000,000 for the whole of Tracks's fully diluted common
stock.
o Optional conversion: If Tracks's next equity financing is less
than US$2,000,000, any outstanding principal and unpaid accrued
interest on the Second Note may be converted into Tracks's equity
securities at TMT's option at an equity valuation equal to the
lower of (i) 85% of the equity valuation of Tracks applicable to
the next equity financing or (ii) US$5,000,000 for the whole of
Tracks's fully diluted common stock.
Alexander Selegenev, Executive Director of TMT Investments PLC,
commented: "The recent release of Tracks 2.0 has resulted in
significant growth across all of the product's key metrics,
including adoption, engagement and content creation. The current
financing will enable Tracks to concentrate on delivering further
growth and intensifying its monetisation efforts."
Definitive agreements for the transaction were entered into, and
the transaction was completed, yesterday. In respect of the year
ended 31 December 2012, Tracks's unaudited net loss amounted to
US$1,148,802, and unaudited net liabilities as at that date
amounted to US$1,793,495.
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,
TMT has raised USD28m and invested in 23 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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