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Geosim financing
Geosim financing.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n Brainspark PLC\n24 September 2007\n\n\n\n\n\n\nFor immediate release 24 September 2007\n\n Brainspark plc\n ('Brainspark' or the 'Company')\n \n Geosim Systems Limited ('Geosim') enters into a new $3M round of financing\n agreement.\n \nFurther to the announcement of 2 May 2007, Brainspark is today announcing that\nGeosim (www.geosim.co.il), the 3D city technology and modelling producer, in which\nBrainspark has a holding of (44.11)%, has entered into a new agreement with\nCRASH Ventures LLC, a US private equity firm, (the 'Firm') (the'Geosim\nConsulting Agreement'), an Oregon limited liability company, according\nto which Crash LLC will act as exclusive consultant. Under this new agreement\nthe Crash exclusivity period has been extended from 31 May 2008 to 31 May 2010.\n\nCrash LLC will assist Geosim in raising a total of $3,000,000 (£1,485m) of which\nprivate investors in America have subscribed $200,000 (£99,000), at a pre-money\nvaluation of $22,000,000 (£10,888,000). After the exercise of approved ESOP and\npost conversion by Crash LLC of their options and 'Bonus Warrants' Brainspark\nfully diluted will be interested in (39.53%) of Geosim. On full subscription of\nthe $3,000,000 ((£1,485m) the holding by Brainspark in Geosim will be diluted to\n(34.7%).\n\nAt a Geosim valuation of $22,000,000 (£10,888,000) Brainspark's (39.53%) equity\nheld in Geosim is valued at $8,696,600 (£4,300,000). This alone is equivalent to 1.30p per\nshare. The value of Geosim in the books (Balance Sheet) of Brainspark is £1.83\nmillion.\n\nGeosim has developed a unique 3D city modelling technology. Applications\ninclude urban planning and development, tourism, estate agency, law enforcement,\nadvertising, entertainment and the security and rescue services. The new\nPhiladelphia 3D online website is due for launch before year-end.\n\n\nFor further information, please contact:\n\nFrancesco Gardin, Brainspark plc, telephone: 00 39 335 296573\n\nRoland Cornish, Beaumont Cornish Limited, telephone: 020 7628 3396\n----------------------------------------\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]