28th Jul 2015 10:01
LONDON (Alliance News) - Phorm Corp Tuesday has agreed new loans with shareholder Michael Bigger and private lender Arminius Verwaltung AG, and has extended its convertible loan notes issued to Viollette Company Ltd and Meditor European Master Fund Ltd.
It will use the proceeds of the loan for general working capital, and said it plans to raise additional equity or debt financing in the near term to fund its ongoing working capital requirements.
The company operates an opt-in online advertising platform that protects users' privacy whilst making content and advertising more relevant to them.
Bigger and Arminius have agreed to provide a loan of GBP350,000 in total. Phorm will pay interest on the loan at a rate of 5% per year. The loan is repayable in six months from the date of execution, although this can be extended, and on repayment Phorm will pay an additional redemption fee equivalent to 15% of the loan amount.
Shares in Phorm were untraded Tuesday morning. It last closed at 3.41 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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