TMT Investments PLC Investment in Whale Path, Inc. (7097I)

TIDMTMT

RNS Number : 7097I

TMT Investments PLC

03 June 2014

TMT INVESTMENTS PLC

("TMT" or the "Company")

Investment in Whale Path, 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 investment in Whale Path, Inc.(www.whalepath.com).

Incorporated in Delaware and headquartered in Sunnyvale, California, Whale Path, Inc. ("Whale Path") offers an on-demand business research platform for companies. Whale Path says it typically delivers fully customized reports to its clients three times faster and at half the price compared to traditional business research vendors. Whale Path streamlines the entire research process, which allows its clients to receive fully tailored reports within two weeks.

According to the American Marketing Association, in 2013 over US$24 billion was spent on research by over 3.8 million corporate executives in the USA. At the same time, Whale Path believes business research today is incredibly expensive, poorly customized, and produced too slowly.

TMT's investment consists of a US$200,000 unsecured convertible promissory note in Whale Path ("Note") on the following terms:

   --    Interest rate - 5% per annum.

-- Term - unless previously converted, the Note will be repayable in whole or in part at par at the option of investors holding a majority of the Note on any date after the second anniversary of the Note.

   --    Conversion -

o Automatic conversion: Any outstanding principal and unpaid accrued interest on the Note will be automatically converted into Whale Path's equity securities upon closing of the next equity financing at an equity valuation equal to the lower of (a) 80% of the equity valuation of Whale Path applicable to the next equity financing or (b) US$5,000,000 for the whole of Whale Path's fully diluted common stock.

o Optional conversion: if requested by investors within 5 days prior to the Note's maturity date, any outstanding principal and unpaid accrued interest on the Note may be converted at the option of investors holding a majority of the Notes at an equity valuation equal to US$3,000,000 for the whole of Whale Path's fully diluted common stock.

Whale Path was co-founded by Artem Gassan and Colin Gu in 2012. Prior to Whale Path, Artem founded Viestly and World Market Media, as well as served as interim COO of iBuildApp. Colin previously worked at VMware and SAP and has strong user-experience design and development skills.

Definitive agreements for the transaction were entered into, and the transaction was completed, yesterday.

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 
 Ray Zimmerman / Richard 
 Morrison / 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 over 30 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

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