Fortunecity.com WKN: 919383 ! Die haben sich wie Geld gesichert! :-)
AD HOC Release
FortuneCity Announces Euro 1 Million Standby Capital Funding Agreement
FortuneCity.com Inc "FortuneCity" announced today that it had agreed a standby capital funding arrangement of Euro 1 million with the Company's major shareholder. This funding arrangement which is subject to the Company meeting certain milestones, does not obligate FortuneCity to draw on the funding available. The agreement provides the Company with enhanced financial flexibility at a time when funding for smaller Internet companies is virtually impossible to obtain. As FortuneCity's business develops over the next 12 to 18 months the Company can determine how best to use the funds that this standby facility provides.
Under the terms of this funding arrangement a partnership owned by the 2001 Metcalfe Settlement "the Partnership" has committed to make available if requested by the Company funding of up to Euro 1 million at a price of USD 6 cents per share, subject to FortuneCity achieving certain cash flow milestones and there being no adverse change in the business of the Company. In return for this funding commitment the Company has agreed to issue the Partnership a three year warrant to purchase up to 10 million shares of common stock at a price of USD 12 cents per share, a premium of 70% over the average closing price for June 2003.
Mr. JW Metcalfe, Chairman of the Board of the Company is the settlor of the 2001 Metcalfe Settlement that currently holds via the Partnership approximately 35% (23% on a fully diluted basis) of the Company's shares and potentially could increase its interest to 67% (53% on a fully diluted basis) if all shares are issued and warrants exercised under these arrangements.
AD HOC Release
FortuneCity Announces Euro 1 Million Standby Capital Funding Agreement
FortuneCity.com Inc "FortuneCity" announced today that it had agreed a standby capital funding arrangement of Euro 1 million with the Company's major shareholder. This funding arrangement which is subject to the Company meeting certain milestones, does not obligate FortuneCity to draw on the funding available. The agreement provides the Company with enhanced financial flexibility at a time when funding for smaller Internet companies is virtually impossible to obtain. As FortuneCity's business develops over the next 12 to 18 months the Company can determine how best to use the funds that this standby facility provides.
Under the terms of this funding arrangement a partnership owned by the 2001 Metcalfe Settlement "the Partnership" has committed to make available if requested by the Company funding of up to Euro 1 million at a price of USD 6 cents per share, subject to FortuneCity achieving certain cash flow milestones and there being no adverse change in the business of the Company. In return for this funding commitment the Company has agreed to issue the Partnership a three year warrant to purchase up to 10 million shares of common stock at a price of USD 12 cents per share, a premium of 70% over the average closing price for June 2003.
Mr. JW Metcalfe, Chairman of the Board of the Company is the settlor of the 2001 Metcalfe Settlement that currently holds via the Partnership approximately 35% (23% on a fully diluted basis) of the Company's shares and potentially could increase its interest to 67% (53% on a fully diluted basis) if all shares are issued and warrants exercised under these arrangements.
