TMT Investments PLC rollApp, Inc. - New equity financing (2103I)
July 01 2013 - 2:00AM
UK Regulatory
TIDMTMT
RNS Number : 2103I
TMT Investments PLC
01 July 2013
1 July 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
rollApp, Inc. - New equity financing
TMT Investments PLC, which invests in high-growth internet-based
companies across a variety of sectors, is pleased to announce that
yesterday its portfolio company rollApp, Inc. ("rollApp") completed
the initial closing ("Initial Closing") of a new US$1,000,000
equity financing round.
As part of the Initial Closing, TMT has acquired newly issued
preferred shares in rollApp for an aggregate consideration of
US$50,000. After the initial closing, TMT will hold 10% of
rollApp's fully-diluted equity capital.
In addition, TMT has agreed to acquire additional preferred
shares in rollApp for an aggregate consideration of US$50,000
("Second Closing"), subject to certain milestones been reached by
rollApp in the first 8 months after the Initial Closing.
The transaction implies an approximately 39% uplift in the fair
value of TMT's investment in rollApp, compared to the latest
reported amount as of 31 December 2012. TMT originally invested
US$350,000 in rollApp in August 2011.
RollApp provides a software-on-demand service designed to
instantly deliver existing third-party software applications to any
web-browser-equipped device over broadband/3G. The service aims at
allowing end-users to launch virtually any third-party software
application in the "cloud" and use it inside a standard
web-browser.
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 25 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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