SYDNEY, Jan. 5, 2022 /PRNewswire/ -- Integrated
Media Technology Limited ("IMTE" or "Company") (Nasdaq:IMTE),
informs that the Company raise funds to support the acquisition and
building out of manufacturing infrastructure.
On January 3, 2022, the Company
entered into convertible note purchase agreements with 8 individual
investors outside the United
States to raise a total of US$10
million by the issuance of US$10
million convertible notes ("Note"), subject to closing. The
Note bears interests at 6% per annum maturing in 2 years from the
date of issuance of the Note. The holder of the Note has the right
to convert the principal amount to shares in the Company at a fixed
conversion price of US$3.12 per
share, subject to adjustment, over the term of the Note. Under the
Note, the holder of the Note cannot convert the shares in the
Company if such conversion would take the noteholder over 4.99%
shareholding in the Company.
In addition, the noteholder will also receive a warrant
representing 80% of the amount of the Note, raising an additional
US$8 million if all the warrants are
exercised. The warrants are for a term of 2 years from the date of
the convertible notes and can be exercised at US$3.74 for each share. Under the warrant
agreement, the warrant holder cannot exercise the warrant to
subscribe for shares in the Company if such exercise would take the
warrant holder over 4.99% shareholding in the Company.
The use of the proceeds from this fund raise is to support the
acquisition and building out of manufacturing infrastructure and
working capital of the Company.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of the
manufacture and sale of nano coated plates for filters, the
manufacturing and sale of electronic glass and financial research.
For more information, please visit www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE Integrated Media Technology Limited