Update on Convertible Note Issue and Funding
Sydney, Dec 13, 2016 AEST (ABN Newswire) - Leading big data solutions company Invigor Group Limited (
ASX:IVO) ("Invigor") today announced that it has received subscriptions for $2.45m (61%) of the Convertible Notes to sophisticated investors announced on November 15, 2016.
- $2.45m or 61% of Issue committed
- RJL Investments Pty Ltd (Associated with Gary Cohen) subscribed for 30% of issue
- Proceeds to be used to retire $1.35m of the Atlas Convertible Notes
- $0.42m of funds due from MViD expected in December will strengthen IVO cash balance
RJL Investments Pty Ltd, an entity associated with Invigor's Chairman and CEO, Gary Cohen, has taken up $1.2m of the issue, subject to approval by IVO shareholders at an EGM to be called by the Company in due course.
The Notes were issued at 3 cents per share and issued for up to 18 months. Adjustments may be made to the Conversion Price and floor price based on a number of events. Refer to the attached for a summary of the revised terms.
The proceeds of the Convertible Note will be used to retire $1.35m of the Atlas Convertible Notes and provide additional working capital to the Company.
Invigor also confirms that it has been notified by My Verified ID Pty Ltd (MVID) that approximately $420,000 of funds owed under the Deed of Administration will be remitted to Invigor in the next few weeks as they are received by MVID. This will further strengthen IVO's cash balance and provide additional working capital.
Invigor is working with a number of parties on the issue of the remaining $1.55m (39%) of Convertible Notes and will update shareholders on progress.
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
| ||
|
