GNG.L Share News (GNG)

LONDON (Dow Jones)--Geong International Ltd. (GNG.LN) said Thursday it has secured a three-year facility of up to GBP5 million to use on acquisitions. The China-based enterprise content management software provider said the facility with Darwin Strategic Ltd. can be drawn down at any time over the next three years. It will use the facility by issuing a subscription notice to Darwin, after which Darwin will subscribe to and be alloted new ordinary shares in Geong. The subscription price of the shares under a notice will be at a 7.5% discount to an agreed reference price determined during 15 trading days following delivery of a subscription notice, Geong said. Geong will pay Darwin GBP75,000 for the facility in three equal instalments to be paid upon signing, on April 1 2011 and on October 1 2011. Geong has also granted Darwin warrants to subscribe for up to 1.5 million ordinary shares in the company at a price of 42.5 pence per share, to be exercisable any time before the expiry of 36 months following the date of the warrant agreement. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com (END) Dow Jones Newswires July 01, 2010 03:20 ET (07:20 GMT)