GEOSENTRIC OYJ STOCK EXCHANGE RELEASE April 23, 2012 at 16:50
CANCELLATION OF THE EXTRAORDINARY GENERAL MEETING SCHEDULED FOR 03 MAY 2012 AND FUNDING UPDATE
As previously announced, the Company has been continuing to explore all viable funding options available to it to ensure that it has sufficient liquidity to secure its operations through 2012 and beyond. During March 2012 the Company had received a signed proposal from the independent advisory business for a funding of €350,000 subject to certain pre-conditions to be satisfied before the funding could be received. On 3 April 2012, the Company reported that it had not been able to obtain a crucial pre-condition from one of its largest Shareholders and therefore the Company could not complete the signed proposal for the funding. Thus the Company also informed that it would start preparing the process for inviting the shareholders’ meeting to decide on the placing of the Company into liquidation. At the same time the trading in the Company’s shares in NASDAQ OMX Helsinki was suspended on the Company’s request. On 12 April 2012 the invitation to the Extraordinary General Meeting of the shareholders, which was to be held on Thursday, May 3, 2012 at 10:00 am, was released. The Extraordinary General Meeting was being held to discuss the financial status of the Company.
The Company now reports that it has received and accepted a revised proposal from the independent advisory business that does not require the same pre-conditions be met. For this reason, the Board of Directors of GeoSentric is cancelling the Extraordinary General Meeting scheduled for 03 May and will instead convene an Annual General Meeting of the shareholders to confirm the Funding. The invitation shall be released in the nearest future. The Company will apply for the trading in the Company’s shares to be continued on the NASDAQ OMX Helsinki after the Financing has been received at the latest.
GEOSENTRIC OYJ
Board of Directors
Distribution:
NASDAQ OMX Helsinki
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