25 Feb 2016 08:02
25 February 2016
Phorm Corporation Limited
("Phorm" or the "Company")
Funding Update and Statement re Suspension
Phorm (AIM: PHRM), a leading advertising-technology company and first party data platform provider, announces a funding update.
As announced on 1 February 2016, the Company has entered into an unsecured short term loan agreement with Meditor European Master Fund Limited ("Meditor") for the provision of a loan facility of up to US$2.75 million to be drawn down in three tranches, dependent on certain conditions being satisfied (the "Loan"). As announced on 4 February 2016, the Company has drawn down on Tranche 1 and 2 of the Loan and, in order to draw down the final US$2.25 million third tranche under the Loan ("Tranche 3"), the Company was required to secure further equity funding of at least £2.5 million by 24 February 2016. The Company today announces that it has been unable to secure the requisite equity funding by the Tranche 3 deadline and accordingly the ability to draw down under Tranche 3 has lapsed.
The Company is in advanced discussions with certain of its shareholders and other parties regarding possible alternative financing and a further announcement(s) will be made as soon as possible. There can be no guarantee that such discussions will result in any funds being raised. Pending conclusion of those discussions the Company has requested suspension of its shares from trading on AIM.
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For further information please contact:
Phorm Corporation Limited
Timothy Smith (Chief Executive Officer) +44 (0) 20 3397 6001
Mirabaud Securities LLP (Broker) +44 (0) 20 7878 3360
Peter Krens
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris Matthew Chandler James Dance
About Phorm:
Phorm is a leading advertising-technology and first party data platform provider that enables brands and publishers to address online users with personalised content and advertising. Phorm's innovative platform delivers a more interesting online experience for the user and addressable campaign results for marketers. For more information, please visit: www.phorm.com