29th Sep 2015 11:13
LONDON (Alliance News) - CloudTag Inc said Tuesday it has agreed to settle historic fees it owes to Preciousbluedot Ltd through the issue of 11.4 million new shares at a strike price of 3.0 pence per share, and has also raised GBP150,00 through the issue of loan notes to a new investor convertible at a price of 2.5 pence.
Shares in the company were down 16% at 2.00 pence Tuesday. It said it will use the funds raised for general working capital, and it is talks with a number of third parties over additional funding it might need to fund it through to the planned launch of its wearable technology in early 2016.
It has also agreed to issue a total of 799,629 shares to settle fees it owes to a director and an employee. It will issue 560,000 shares at an average price of 2.5 pence to settle fees due to Chief Executive Officer Amit Ben-Haim, leaving him with a 4.01% interest in the company, and 239,629 shares at an average price of 2.51 pence to an employee.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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