GEOSENTRIC OYJ STOCK EXCHANGE RELEASE October 15, 2012 at 09:00
FUNDING UPDATE AND STATUS OF LISTING OF NEW SHARES
As previously reported on 17 August 2012 the Company is in receipt of the full amount of the first two tranches of the €350,000 funding confirmed by the Annual General Meeting on 5 June 2012. According to the executed funding agreements the Company should receive the remaining third tranche of the funding of approximately €117k during 2H2012.
The Company now reports that the payment of the third tranche has been delayed from the originally agreed schedule. This affects the operations of the Company and forces the Company to withhold all cost accruing actions for now, causing also further delay on the listing of the 2,565,590,000 new shares issued in the GSOY Offering in October and November 2011. The Company still expects to complete the listing process and the reverse share split authorized by the Annual General Meeting on 5 June 2012 by the end of this year.
The Company will announce the receipt of the remaining third tranche of the agreed funding to the markets immediately when received.
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