31st Dec 2020 11:11
(Alliance News) - Ethernity Networks Ltd on Thursday issued GBP40,000 in shares under the second tranche of its agreement with US specialist investor 5G Innovation Leaders Fund LLC.
The Israel-based network processing technology supplier said 5G Fund will make the GBP40,000 investment in the next five days as prepayment for new shares valued at GBP438,000. Ethernity said the proceeds from the second tranche investment will be used for general corporate and working capital purposes.
In addition, 5G Fund has requested Ethernity to issue 826,087 shares in relation to the GBP190,000 it prepaid in the first tranche of its investment. Following this, a balance of GBP107,000 will remain subscribed but unissued under the first tranche investment.
Ethernity entered into a share subscription deed with 5G Fund in relation to issue of new shares, to raise up to GBP3.2 million in September.
Shares in Ethernity were unchanged at 36.00 pence in London on Thursday.
By Zoe Wickens; [email protected]
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