14th Jan 2016 10:08
LONDON (Alliance News) - Armstrong Ventures PLC on Thursday said it has agreed to invest GBP212,500 in MelodyVR Ltd, which is developing a premium music service and specialises in creating virtual reality content, through secured convertible loan notes.
Established in 2015, Melody aims to create virtual reality content by capturing live music performances, according to Armstrong.
"MelodyVR has developed its own technology for the recording and live streaming of music performances. MelodyVR plans to make live and recorded music content available to users via its own app and third party VR platforms. It is intended that the MelodyVR app will be deployed across Oculus Rift, Android, iOS, Samsung Gear VR, HTC Vive, Playstation VR and other platforms," Armstrong said.
"MelodyVR has entered into a number of exclusivity agreements with some of the major music festival and event promoters facilitating the filming and live broadcast of music events in a virtual reality format. It is intended that the MelodyVR app will be launched in 2016," Armstrong added.
The loan notes bear interest at a rate of 10% per annum and are repayable on or before March 31, 2017. Armstrong has the option of converting the notes into equity on March 31 or earlier in the event that Melody is sold, goes public or raises equity finance.
Shares in Armstrong were down 6.2% at 0.0136 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
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