GEOSENTRIC OYJ STOCK EXCHANGE RELEASE June 8, 2011 at 11:30
SHORT-TERM BRIDGE FINANCING AGREED TO MAINTAIN SOLVENCY
As previously announced on June 1, 2011, the discussions with the lead investor and some of the largest shareholders are ongoing and will take some more time to complete. As the Company does not have sufficient funds to continue its operations through that period, the lead investor has agreed to provide additional finance via a further extension, on the same terms, of €750k to the existing preferred convertible loan notes issued by its wholly owned subsidiary, GeoSolutions Holdings NV (“GHNV”). This additional finance enables the Group to continue operations until the end of June 2011. The Company drew down the full amount of €750k on June 7, 2011.
Meanwhile the Company continues discussions with the lead investor and the group of some of the largest shareholders. The parties have jointly agreed to complete the process by the end of June. The lead investor has also further confirmed that they are still in support of their original Proposal should there be no agreement reached in the discussions with the group of some of the largest shareholders.
GeoSentric Oyj
For more information, please contact: investors@gypsii.com
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NASDAQ OMX Helsinki
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