RE: FACTOM sourced from xconomy30 Apr 2019 15:47
The Board of AIM-traded FastForward Innovations Limited Company is pleased to announce that it has today executed a Simple Agreement for Future Equity ("SAFE Agreement") with investee company, Factom, Inc. ("Factom") under the terms of which the Company has advanced US$6 million (the "Initial Safe Advance") to Factom, which sum shall be converted at a future date at a 25 percent discount to the price of Factom's proposed Series B fundraising (terms yet to be announced). In addition to the Initial SAFE Advance, the Company has the right to invest up to an additional US$9 million, on the same terms, by not later than 30 September 2018.
The Initial Safe Advance will be funded from existing cash resources, as well as part of the funding available to the Company following a US$800,000 loan to the Company by Mr Lorne Abony, the Company's Chief Executive Officer.
Which as we all know has been subsequently repaid.