CLP.L Regulatory News (CLP)

31 Dec 2007 12:08

Brainspark PLC31 December 2007 For immediate release 31 December 2007 Brainspark plc ("Brainspark" or the "Company") Geosim Systems Limited ("Geosim") already secures $ 1,035,000 in a new $3M roundof financing. Further to the announcement of 24 September 2007, Brainspark is today announcingthat GeoSim (www.geosim.co.il), the 3D city technology and modelling producer, inwhich Brainspark has a holding, has raised already from investors in America$1,035,000 (£520,579 ) of the current round of $3,000,000 (£1,508,925) at apre-money valuation of $22,000,000 (£11,065,452). After the exercise of approved ESOP and post conversion by Crash LLC of theiroptions and "Bonus Warrants" Brainspark fully diluted will be interested in(39.53%) of GeoSim. On full subscription of the remaining $1,965,000 of thecurrent $3,000,000 (£1,508,925) round, the holding by Brainspark in Geosim willbe diluted to (34.7%). At a GeoSim valuation of $22,000,000 (£11,065,452) Brainspark's (37.40%) equityheld in GeoSim is valued at $8,228,000 (£4,138,479). This alone is equivalent to1.25p per share. The value of GeoSim in the books (Balance Sheet) of Brainspark is £1.83 million. Geosim has developed a unique 3D city modelling technology. Applications includeurban planning and development, tourism, estate agency, law enforcement,advertising, entertainment and the security and rescue services. The newPhiladelphia 3D online website is due for launch before year-end. For further information please contact: Brainspark plc 00 39 335 296573Francesco Gardin Beaumont Cornish Limited 0207 628 3396Roland Cornish This information is provided by RNS The company news service from the London Stock Exchange