Business
Investment in Whale Path, Inc.
Investment in Whale Path, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 7097I TMT Investments PLC 03 June 2014 \n\n03 June 2014\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Whale Path, 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 Whale Path, Inc.(www.whalepath.com).\n \nIncorporated in Delaware and headquartered in Sunnyvale, California, Whale Path, Inc. (\"Whale Path\") offers an on-demand business research platform for companies. Whale Path says it typically delivers fully customized reports to its clients three times faster and at half the price compared to traditional business research vendors. Whale Path streamlines the entire research process, which allows its clients to receive fully tailored reports within two weeks.\n \nAccording to the American Marketing Association, in 2013 over US$24 billion was spent on research by over 3.8 million corporate executives in the USA. At the same time, Whale Path believes business research today is incredibly expensive, poorly customized, and produced too slowly. \n \nTMT's investment consists of a US$200,000 unsecured convertible promissory note in Whale Path (\"Note\") on the following terms: \n· Interest rate - 5% 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 Note on any date after the second anniversary of the Note. \n· Conversion - \no Automatic conversion: Any outstanding principal and unpaid accrued interest on the Note will be automatically converted into Whale Path's equity securities upon closing of the next equity financing at an equity valuation equal to the lower of (a) 80% of the equity valuation of Whale Path applicable to the next equity financing or (b) US$5,000,000 for the whole of Whale Path's fully diluted common stock. \no Optional conversion: if requested by investors within 5 days prior to the Note's maturity date, any outstanding principal and unpaid accrued interest on the Note may be converted at the option of investors holding a majority of the Notes at an equity valuation equal to US$3,000,000 for the whole of Whale Path's fully diluted common s...