21st Oct 2005 08:57
Earthport PLC21 October 2005 For immediate release Stock Exchange Announcement 21st October 2005 earthport plc ("earthport" or the "Company") Fundraising The Board stated in the EGM document dated 5th July 2005, that it would reviewthe Company's business and seek to raise between £4 million and £5 million ofnew funding. As a result of improving trading prospects, cost savings and the reduction ofdebt, the Board has reassessed the Company's funding requirements and believesthat these will now be in the range of £3million to £4million. The Board is pleased to announce that £3.2million of funding has already beensecured by way of irrevocable private placement commitments at prices rangingbetween 31.5p and 41.8p per share. This funding will be drawn down over thenext six months as required. In addition, the £1.25million of debt, mentioned in the RNS of 17th October2005, has been refinanced with £1.25million of new cheaper debt with a longermaturity. Executive Chairman Mike Harrison stated, "The demonstrable progress we aremaking increases investor confidence in the Management and the future of theCompany. Trading prospects are encouraging. and further announcements will bemade in due course." -End- Press enquiries: Mike Harrison - Chairman, earthport plc +44 20 7220 9700 David Nabarro/Nigel Atkinson - Nabarro Wells & Co. Limited +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Earthport