26th Apr 2021 09:56
(Alliance News) - Ethernity Networks Ltd on Monday said it has received an additional payment of GBP256,766 from US-based specialist investor 5G Innovation Leaders Fund LLC under an investment agreement signed last September.
The Israel-based networking and security solutions provider said the payment was instead of applying the 880,000 shares issued to 5G Fund at the time of the agreement towards the number of shares that Ethernity issues under the deal.
Shares in Ethernity were up 19% at 56.00 pence in London on Monday.
Ethernity entered into a share subscription deed with 5G Fund in relation to the issue of new shares, to raise up to GBP3.2 million, back in September.
Last Tuesday, Ethernity received notice of a fourth investment payment from 5G Fund of GBP400,000 by way of prepayment for new shares valued at GBP438,000. The proceeds from the investment will be used for general corporate and working capital purposes.
By Zoe Wickens; [email protected]
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