Business
Investment in WeatherMe O?
Investment in WeatherMe O?.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 1753W TMT Investments PLC 23 December 2013 \n \n\n23 December 2013\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in WeatherMe OÜ\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 WeatherMe OÜ (www.vitalfields.com).\n \nIncorporated in Tallinn, Estonia, WeatherMe OÜ (\"VitalFields\") is a mobile and Internet-based software application providing a comprehensive farm management solution.\n \nWith the help of industry scientists and machine learning algorithms, VitalFields is helping farmers with:\n \n· Plant disease and growth phase modelling;\n· Tracking climatic patterns and analyzing farmers' risks; and\n· Farm management (everything from planning farm activities to stock management and P&L reports).\n \nBy optimizing fieldwork and resources, farmers are able to make production more efficient. In time, VitalFields also plans to become a valuable analytical tool, which will assist farmers in becoming even more efficient by providing them with advice based on the knowledge accumulated from similar farms and their production methods.\n \nTMT's investment consists of a €100,000 unsecured convertible promissory note in VitalFields (\"Note\") on the following terms:\n \n· Interest rate - 15% per annum. \n· Term - unless previously converted, the Note will be repayable in whole or in part at par at the option of investors holding a majority of the Notes on any date after the first anniversary of the Note.\n· Conversion -\no Automatic conversion: Any outstanding principal and unpaid accrued interest on the Note will be automatically converted into VitalFields' equity securities upon the earliest of (i) closing of the next equity financing, or (ii) change of control of VitalFields, in either case at an equity valuation equal to the lower of (a) 90% of the equity valuation of VitalFields applicable to the next equity financing or change of control, or (b) €3,500,000 for the whole of VitalFields' fully diluted common stock. \no Optional conversion: prior to a change of control of VitalFields or at any time ...