Brainspark PLC
29 September 2006
FOR IMMEDIATE RELEASE 29 September 2006
BRAINSPARK PLC ('Brainspark')
Geosim Systems Limited ('Geosim') secures further funding
Geosim (www.geosim.co.il), the 3D city technology and modelling producer, in
which Brainspark (www.brainspark.com) will hold 41.03% (fully diluted), has
raised additional finance for working capital and development. Private investors
in America have subscribed $135,000 to complete the first $720,000 tranche of
financing at $10,000,000 pre-money valuation of Geosim and have subscribed a
further $300,000 as part of the next $1,280,000 tranche of financing at a
pre-money valuation of $20,000,000 for Geosim.
As a result of dilution after this initial $1,020,000 funding and post the
conversion by Crash LLC of their options, Brainspark will be interested on
41.03% of Geosim.
At a Geosim valuation of $20,000,000 Brainspark's 41.03% equity held in Geosim
is valued at $8,200,000 (£ 4,360,000). This alone is equivalent to 1.31p 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.
This information is provided by RNS
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