CLP.L Regulatory News (CLP)

29 Sep 2006 09:00

Brainspark PLC29 September 2006 FOR IMMEDIATE RELEASE 29 September 2006 BRAINSPARK PLC ("Brainspark") Geosim Systems Limited ("Geosim") secures further funding Geosim (www.geosim.co.il), the 3D city technology and modelling producer, inwhich Brainspark (www.brainspark.com) will hold 41.03% (fully diluted), hasraised additional finance for working capital and development. Private investorsin America have subscribed $135,000 to complete the first $720,000 tranche offinancing at $10,000,000 pre-money valuation of Geosim and have subscribed afurther $300,000 as part of the next $1,280,000 tranche of financing at apre-money valuation of $20,000,000 for Geosim. As a result of dilution after this initial $1,020,000 funding and post theconversion by Crash LLC of their options, Brainspark will be interested on41.03% of Geosim. At a Geosim valuation of $20,000,000 Brainspark's 41.03% equity held in Geosimis valued at $8,200,000 (£ 4,360,000). This alone is equivalent to 1.31p ashare. Notes Geosim has developed a unique 3D city modelling technology . Applicationsinclude urban planning and development, tourism, estate agency, law enforcement,advertising, entertainment and the security and rescue services. This information is provided by RNS The company news service from the London Stock Exchange