Phorm Corporation Limited Funding Update and Statement re Suspension (1193Q)
February 25 2016 - 2:02AM
UK Regulatory
TIDMPHRM
RNS Number : 1193Q
Phorm Corporation Limited
25 February 2016
25 February 2016
Phorm Corporation Limited
("Phorm" or the "Company")
Funding Update and Statement re Suspension
Phorm (AIM: PHRM), a leading advertising-technology company and
first party data platform provider, announces a funding update.
As announced on 1 February 2016, the Company has entered into an
unsecured short term loan agreement with Meditor European Master
Fund Limited ("Meditor") for the provision of a loan facility of up
to US$2.75 million to be drawn down in three tranches, dependent on
certain conditions being satisfied (the "Loan"). As announced on 4
February 2016, the Company has drawn down on Tranche 1 and 2 of the
Loan and, in order to draw down the final US$2.25 million third
tranche under the Loan ("Tranche 3"), the Company was required to
secure further equity funding of at least GBP2.5 million by 24
February 2016. The Company today announces that it has been unable
to secure the requisite equity funding by the Tranche 3 deadline
and accordingly the ability to draw down under Tranche 3 has
lapsed.
The Company is in advanced discussions with certain of its
shareholders and other parties regarding possible alternative
financing and a further announcement(s) will be made as soon as
possible. There can be no guarantee that such discussions will
result in any funds being raised. Pending conclusion of those
discussions the Company has requested suspension of its shares from
trading on AIM.
-Ends-
For further information please contact:
Phorm Corporation Limited
Timothy Smith (Chief Executive Officer) +44 (0) 20 3397 6001
Mirabaud Securities LLP (Broker) +44 (0) 20 7878 3360
Peter Krens
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris Matthew Chandler James Dance
About Phorm:
Phorm is a leading advertising-technology and first party data
platform provider that enables brands and publishers to address
online users with personalised content and advertising. Phorm's
innovative platform delivers a more interesting online experience
for the user and addressable campaign results for marketers. For
more information, please visit: www.phorm.com
This information is provided by RNS
The company news service from the London Stock Exchange
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