Business
Investment in Graphicly, Inc.
Investment in Graphicly, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 5198B TMT Investments PLC 04 April 2013 \n \n\n4 April 2013\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Graphicly, Inc.\n \nTMT Investments PLC, which invests in high-growth, internet-based companies across a variety of sectors, is pleased to announce the completion of an investment in Graphicly, Inc. (\"Graphicly\").\n \nIncorporated in Delaware and headquartered in Palo Alto, California, Graphicly (www.graphicly.com) aims at dramatically reducing publishers' and self-published authors' go-to-market and ongoing costs. Once uploaded, Graphicly distributes the publications on Kindle, iOS, NOOK, Facebook, the Web and other platforms. Publishers and self-published authors benefit from Graphicly's simple, self-service online toolset to convert, manage, distribute, promote and track text and image-based content on all major digital publishing platforms. Graphicly is currently focused on visual-centred publications such as comic books, children's books, art books and magazines.\n \nTo date, Graphicly has attracted over 6,000 publishers and raised capital from such recognized venture capitalists as TechStars, 500Startups, Mercury Fund, Tim Draper, Dundee Venture Capital and Lowercase Capital. \n \nTMT's investment consists of a US$350,000 subordinated secured convertible promissory note in Graphicly (\"Note\") on the following terms:\n \n· Interest rate - 6% per annum. \n· Term - unless previously converted, the Note will be repayable in whole or in part at par at TMT's option on any date after 31 December 2013.\n· Conversion -\no Automatic conversion: any outstanding principal and unpaid accrued interest on the Note will be automatically converted into Graphicly's equity securities upon closing of the next equity financing of at least US$2,000,000, at an equity valuation equal to the lower of (a) 90% of the equity valuation of Graphicly applicable to the next equity financing, or (b) 90% of US$8,000,000 for the whole of Graphicly's fully diluted common stock. \no Optional conversion: prior to a change of control of Graphicly or after 31 December 2013, any outstanding principal and unpaid accrued interest on the Note may be converted at TMT's option at an equity valua...