28th Apr 2016 16:34
LONDON (Alliance News) - Armstrong Ventures PLC on Thursday said it has advanced a sum of GBP140,000 by way of a short-term loan to MelodyVR Ltd.
The loan is repayable upon demand on or after May 20.
On Wednesday, Armstrong said it has struck a reverse takeover agreement for virtual reality products company MelodyVR and will change its name to EVR Holdings PLC after completing the deal.
Armstrong said the consideration for takeover will be GBP5.1 million, to be covered by the issue of 465.7 million Armstrong shares at 1.1 pence per share. As part of the transaction, Armstrong shares will be consolidated on a 1 for 100 basis.
Shares in Armstrong closed down 2.4% at 0.0100 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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