Business
Conversion of promissory notes in Tracks Media
Conversion of promissory notes in Tracks Media.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 2176M TMT Investments PLC 21 August 2013 \n \n\n21 August 2013\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nConversion of promissory notes in Tracks Media, Inc.\n \nTMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, announces that, as part of a mutually agreed recapitalization program, in which all promissory note holders have agreed to convert their notes into equity, the outstanding principal of the Company's convertible promissory notes in Tracks Media, Inc. (\"Tracks\"), amounting to US$536,500 was yesterday converted into Tracks's common shares. Post-conversion, TMT will own 8.545% of Tracks's fully diluted equity capital. As part of the recapitalisation, all the outstanding accrued interest on the convertible notes has been waived. This conversion will have no effect on the book value of TMT's investment in Tracks.\n \nTMT's original investments in Tracks were made on 24 November 2011 and 7 March 2013 and consisted of a US$436,500 and US$100,000 unsecured convertible promissory note in Tracks respectively. \n \nTracks (www.tracks.io) is a mobile and web service that enables users to effortlessly create photo stories around real world experiences ('tracks'). In addition, Tracks has recently launched a new mobile app called \"Kanvas\", which allows users to express themselves by easily adding text, stickers, painting and sound to their \"kanvases\" and share them across various social networks.\n \n \nFor further information contact:\n \n\n\n\n\nTMT Investments PLC\nMr. Alexander Selegenev\nwww.tmtinvestments.com\n \n\n\n+44 1534 281 843\[email protected]\n \n\n\n\n\nZAI Corporate Finance Ltd.\nNOMAD and Broker\nMarc Cramsie/Irina Lomova\n \n\n\n+44 20 7060 2220\n\n\n\n\nKinlan Communications\nDavid Hothersall\n \n\n\nTel. +44 20 7638 3435\[email protected]\n\n\n\n\n \nAbout TMT Investments\n \nTMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has raised USD28m and invested in 26 companies to date. The company's objective is to generate an attractive rate of return for shareholde...