Brainspark PLC
02 May 2007
For Immediate Release 2 May 2007
Brainspark plc ('Brainspark' or the 'Company')
Geosim Systems Limited ('Geosim')
secures further funding and closes the $2M round of financing.
Further to the announcements of 22 November 2005, 26 October 2005, 11 August
2005 and 26 September 2006, Brainspark is today announcing that Geosim
(www.geosim.co.il), the 3D city technology and modelling producer, in which
Brainspark (www.brainspark.com) holds 44.11%, has raised additional finance for
working capital and development. Private investors in America have subscribed
$980,000 to complete the second $1,280,000 tranche of financing at a pre-money
valuation of $20,000,000 for Geosim. The first $720,000 tranche at pre-money
valuation of $10,000,000 was closed in September 2006.
As a result of dilution after this $2,000,000 funding, the exercise of approved
ESOP and post conversion by Crash LLC of their options and 'Bonus Warrants',
Brainspark (fully diluted) will be interested in 39.53% of Geosim.
At a Geosim valuation of $20,000,000 Brainspark's 39.53% equity held in Geosim
is valued at $7,900,000 (£ 3,950,000). This alone is equivalent to 1.19 p a
share.
Notes
Geosim has developed a unique 3D city modelling technology . Applications
include urban planning and development, tourism, estate agency, law enforcement,
advertising, entertainment and the security and rescue services.
For information please contact:
Francesco Gardin, Brainspark plc, telephone: 00 39 335 296573
Roland Cornish, Beaumont Cornish Limited, telephone: 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
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