Business
Subscription to raise EUR 3.0m & Notice of GM
Subscription to raise EUR 3.0m & Notice of GM.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 4003N\n VR Education Holdings PLC\n 20 May 2020\n \n \n \n \n \n \n \n \n For immediate release\n \n \n \n \n 20 May 2020\n \n \n \n \n \n \n \n \n \n This announcement contains inside information for the purposes of \n \n \n Article 7 of EU Regulation 596/2014.\n \n \n \n \n \n \n \n \n VR Education Holdings plc\n \n \n ('VR Education' or the 'Company')\n \n \n \n \n \n Conditional Subscription to raise €3.0 million, Strategic Partnership\n \n \n and\n \n \n Notice of General Meeting\n \n \n \n \n \n VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company focused on the education and enterprise training space,\n \n announces that HTC Corporation ('HTC') has agreed to invest €3.0 million in the Company (the 'Subscription') and that HTC and the Company are entering into a strategic partnership for the distribution and license of the Company's ENGAGE platform globally through HTC enterprise sales channels.\n \n \n \n \n \n HTC's investment follows the success of the 2020 HTC VIVE Ecosystem Conference which was hosted on the Company's ENGAGE platform in March 2020.\n \n \n \n \n \n Subscription highlights: \n \n \n \n \n \n · 48,284,102 Subscription Shares to be issued at an Issue Price of 5.47 pence per Subscription Share. The Subscription Price was negotiated when discussions between VR Education and HTC commenced on 12 March 2020 and represents a premium of approximately 10% to the market price of VR Education's Existing Ordinary Shares at that time;\n \n · The Subscription will be made by an indirect wholly-owned subsidiary of HTC and is subject to VR Education's shareholders passing certain resolutions to be proposed at an extraordinary general meeting of VR Education to be held on 11 June 2020;\n \n · Upon Admission, the Enlarged Issued Share Capital is expected to be 241,420,508 Ordinary Shares with the Subscription Shares representing approximately 20 per cent. of the Enlarged Issued Share Capital;\n \n · Gross proceeds of the Subscription will be €3.0 million (£2.64 million) with net proceeds after expenses being approximately €2.93 million (£2.58 million);\n \n · Proceeds of the Subscription will be used to further develop and enhance the Company's ENGAGE platform and build its sales and...