Equity Fundraising,Credit Facility,Board Addition
June 28 2010 - 2:00AM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 3029O
Armor Designs, Inc.
28 June 2010
+-----------------------------------+--------------------------------+
| Press Release | 28 June 2010 |
+-----------------------------------+--------------------------------+
Armor Designs Inc.
("Armor Designs" or "the Company")
Equity Fundraising, Credit Facility, and Board Addition
Equity Fundraising:
Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based designer and
manufacturer of composite armour products, is pleased to announce that it has
today closed (the "Closing") a fundraising (the "Fundraising") by which the
Company has raised US$3,575,000.00, before expenses, through a placing with
investors of 238,335 new common shares of US$0.001 each in the Company (the
"Placing Shares"). The Closing has been completed at a price of US$15 per
Placing Share (the "Placing Price"). As part of the Closing the Company has
agreed with the investors that in the event the Company issues any shares in the
capital of the Company as part of a further fundraising at a price less than the
Placing Price (the "Lower Price") prior to 31 December 2010, the investors will
have the option to subscribe at par (being US$0.001 per share), for such number
of additional shares as they would have received had the subscription price per
share at Closing been at the Lower Price rather than the Placing Price.
The net proceeds of the Closing is being used for initial short term working
capital needs.
Application will be made for the Placing Shares to be admitted to trading on the
London Stock Exchange's AIM market. Dealings in the Placing Shares are expected
to commence on AIM at 8.00am on 2 July 2010.
Credit Facility:
Armor Designs Inc. is pleased to announce that it has received a letter of
commitment from a boutique U.S. based investment fund, specialising in debt
financing for companies in the knowledge-based or intellectual property sectors.
The letter of commitment is in the form of a US$10.0 million Senior Secured Debt
Facility ("the Facility") in the form of a line of credit. The availability of
the Facility is subject to completion of due diligence and execution of legal
documents, with an anticipated close on or around July 15, 2010. The Facility is
expected to include an immediate advance of US$4.0 million with follow-on
advances, up to a cumulative total of US$10.0 million, made available based on
the Company's achievement of certain operational and financial milestones. The
Facility has a proposed 5-year term, two warrant provisions (with strike prices
of US$22.50 and US$24.00, respectively), conversion rights (at US$15 per share)
and is collateralised, in part, by the Company's intellectual property. In
addition, the Company will be expected to maintain certain usual and customary
Covenants during the term of the Facility.
Armor Designs Inc. will update the market, on or around July 15th, 2010, as to
the status of the final close of the Credit Facility.
Board Addition:
The Company is also pleased to announce that it is strengthening the board with
the appointment of Mr. David Oliveira as a Non-executive Director. The
appointment of Mr. Oliveira will be effective 1 July, 2010. David Oliveira is
the owner of The Investment Center of Tanglewood ("TICOT"). TICOT is an
independently owned branch of The Investment Center ("TIC"), a full service
brokerage firm and member of Financial Industry Regulatory Authority /
Securities Investor Protection Corporation. He has formerly held senior
management positions with Klinger & Co., Inc, Oppenheimer & Co., Dean Witter
Inc., Merrill Lynch and Waddell & Reed, Inc. Mr. Oliveira has held or currently
holds securities licenses: Series 6, 7, 22, 24, 63, 65. Mr. Oliveira is 53 years
old.
David Oliveira's directorships (current and within the previous 5 years) are as
follows:
+----------+---------------------------------------------------------------------------+
| Current: | None |
+----------+---------------------------------------------------------------------------+
| Past: | None |
+----------+---------------------------------------------------------------------------+
There is no further information to disclose for Mr. Oliveira under schedule 2(g)
of the AIM Rules.
Dr. James A. St. Ville, Executive Chairman of the Company, commented: "The
board would like to welcome Mr. David Oliveira as a Non-executive Director. His
broad experience in securities and finance, along with, the additional financial
resources of the Credit Facility will strengthen our board and improve our
ability to meet the increasing needs to successfully grow Armor Designs Inc. as
knowledge-based company."
For further information please contact:
+------------------------------------+------------------------+
| Armor Designs, Inc. | |
+------------------------------------+------------------------+
| Phil Clement, Interim CEO | Tel: +1 602 275 4633 |
+------------------------------------+------------------------+
| Phil.Clement@armordesigns.com | www.armordesigns.com |
+------------------------------------+------------------------+
Shore Capital and Corporate Ltd.Tel: +442074084080
Anita Ghaneker
anita.ghanekar@shorecap.co.uk
Edward Mansfield
edward.mansfield@shorecap.co.uk
Media enquiries:
+------------------------------------+------------------------+
| Brunswick Group LLP | |
+------------------------------------+------------------------+
| Michael Harrison/ Chris Blundell/ | Tel: +44 20 7404 5959 |
| Camilla Gore | |
+------------------------------------+------------------------+
Notes to editors
Armor Designs, Inc. ("ADI") is a knowledge-based company specializing in
next-generation composite material design, manufacture, prototyping and testing
for applications and products for the armor industry. ADI uses a proprietary
design and manufacturing process called VCM to rapidly develop new composite
armor products of superior ballistic, weight and flexibility. The VCM process
is protected by patents and trade secrets licensed to ADI in perpetuity for use
in field of armor.
For more information on Armor Designs, Inc., please go to www.armordesigns.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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