StockMarketWire.com - TMT has completed a $485,000 investment in Socialize Inc.
TMT's investment consists of an unsecured convertible promissory note which has an interest rate of 6% per annum and a term of 24 months.
The outstanding principal and unpaid accrued interest of the note will be automatically converted into Socialize's equity securities upon the earliest of (i) closing of the next qualified equity financing, or (ii) a change of control of Socialize, in either case at an equity valuation equal to the lowest of (i) 75% of the equity valuation of Socialize applicable to the next qualified equity financing or change of control, or (ii) US$7,000,000.
TMT also has the right to purchase up to 15% of the total number of Socialize's equity securities sold in the next equity financing.
At 3:47pm: [LON:TMT] TMT Group share price was 0p at 1.25p
Story provided by StockMarketWire.com
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