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Phorm raises £10m of new money

Tue, 22nd Mar 2011 15:53

Targeted online advertising firm Phorm is raising £16.1m from the issue of loan notes with an annualised interest charge of 15%. Existing loan notes worth £6.1m will be cancelled so the net cash inflow will be £10m before expenses. The loan notes are repayable at the end of October 2013 and the interest will be added to the principal and paid at that time. If the loan notes are repaid before this date then the holders will receive 235,000 shares for each £1m repaid. Additional shares could also be issued if certain other things happen. One holder of the old loan notes can convert the new loan notes into shares after 15 months at a price of 75p a share. The others have to wait for 18 months. The loan notes are secured on non-cash assets and intellectual property. AIM-quoted Phorm has delivered a number of advertising campaigns in recent weeks and the results are encouraging. This has helped to indicate how ell the model will work. The initial business has been in Brazil and revenues are still modest.

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14 Apr 2016 15:36

Phorm finally fizzles out, leaving shareholders with nought

(ShareCast News) - Phorm's controversial time on the stock market stumbled toward an ignominious end on Thursday as the notorious money-pit failed to find further funding, its nominated adviser Strand Hanson threw in the towel and a winding-up process began. Long-suffering shareholders, including th

14 Apr 2016 09:15

Phorm Ceasing Activities, Nomad Resigns As It Fails To Secure Funding

16 Mar 2016 16:00

Suspended Phorm raises fresh capital through note issue

(ShareCast News) - Advertising technology company Phorm had £350,000 more cash in its pocket on Wednesday, after issuing convertible loan notes in the amount to existing shareholder Michael Bigger. In accordance with the terms of the convertible loan note instrument, interest would accrue on the uns

25 Feb 2016 09:35

Phorm Shares Suspended As It Fails To Secure Final Funding Tranche (ALLISS)

4 Feb 2016 18:25

Phorm Corp Makes Progress On Fundraising Efforts (ALLISS)

1 Feb 2016 16:32

Phorm In Flurry Of Financing Arrangements To Secure Future (ALLISS)

21 Jan 2016 09:40

Phorm Secures TRUSTe Data Collection Privacy Certfication

18 Jan 2016 09:45

Phorm Corp Raises USD1 Million As It Tries To Cut Cash Burn Rate (ALLISS)

6 Nov 2015 09:37

Phorm Raises GBP2.1 Million For General Working Capital (ALLISS)

28 Oct 2015 07:57

Phorm Corp Teams Up With INSOMNIS Media To Improve Campaigns

20 Oct 2015 09:16

Phorm selected to help Causemo profile potential donors

(ShareCast News) - Phorm has teamed up with Causemo to improve the identification of and personalised communication with potential donors online. The AIM listed advertising-technology company announced the deal on Tuesday with the US charitable causes donation market innovator. It will use Phorm's

20 Oct 2015 06:46

Phorm Inks Deal With Boston-Based Fundraising Firm Causemo

13 Oct 2015 09:14

Phorm appoints new chief revenue officer

(ShareCast News) - Phorm Corporation has hired David Paquette as the company's new chief revenue officer. The appointment, announced Tuesday, is expected to "cultivate and accelerate sales of the company's technology platform, particularly in the US". Paquette brings 15 years of sales experience in

13 Oct 2015 07:11

Phorm Appoints David Paquette As Chief Revenue Officer

9 Oct 2015 09:41

Boston Globe to implement Phorm's ad technology

(ShareCast News) - Phorm Corporation has signed a deal for Boston Globe Media Group to use its advertising technology on the media group's digital properties. The company announced the deal on Friday, which will use its Machine-Learning Artificial Intelligence technology to identify and target speci

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Phorm raises £10m of new money

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