- Created: Friday, 02 March 2018 15:30
- Written by Moneyweb.co.za
- Hits: 416
VISUAL INTERNATIONAL HOLDINGS LIMITED – Receipt of Second Draw Down in relation to the funding agreement between Visual and Milost Global Inc
Receipt of Second Draw Down in relation to the funding agreement between Visual and Milost Global Inc
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“Visual” or “the Company”)
ISIN Code: ZAE000187407 Share Code: VIS
RECEIPT OF SECOND DRAW DOWN IN RELATION TO THE FUNDING AGREEMENT BETWEEN
VISUAL AND MILOST GLOBAL INC (“MILOST”)
As announced on SENS on 15 September 2017, Visual had signed a funding agreement with
Milost for equity and debt funding. Following the Company’s issuance of an initial draw
down notice for R1.5 million (“Initial Equity Draw Down”), the Company received the
proceeds of the Initial Equity Draw Down on 16 November 2017 and shares in respect of
such proceeds were allotted to Milost.
The Company issued a second draw down notice (“Second Equity Draw Down”) in
November 2017 for R2 million under the equity facility and the Board is pleased to advise
that the proceeds of the Second Equity Draw Down have been received in full on
27 February 2018 and will be used for Visual’s working capital. The transaction was
facilitated and arranged on behalf of Visual by Palewater Advisory Group Inc.
Details regarding the issue of Visual shares to Milost in respect of the Second Equity Draw
Down, which will be subject to JSE approval, will be announced as soon as possible.
Shareholders are referred to the detailed cautionary announcement issued on
19 February 2018 in which the Company advised that it has signed a conditional agreement
with Milost relating to a subscription by Milost for 252 673 771 new shares in Visual at a
subscription price of 11.81 cents in order to raise R29 840 772 by way of a claw back offer
(“the Claw Back Offer”). The final terms, conditions and salient dates of the Claw Back Offer
will be made in due course. Accordingly, shareholders are advised to continue to exercise
caution when dealing in the securities of Visual until a further announcement is made.
2 March 2018
Arbor Capital Sponsors Proprietary Limited
Date: 02/03/2018 08:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.