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BIG NEWS OUT ARISE Announces Bridge Loan and

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~ Blue ~ Member Level  Tuesday, 10/18/11 12:28:38 PM
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BIG NEWS OUT ARISE Announces Bridge Loan and Merger LOIs and Amends Bridge Loan and Warrants

Posted by TechNews on October 18, 2011 | Post a comment Print This Article Email This Article

ARISE Technologies Corporation (TSX: APV; Frankfurt: A3T) said it has entered into a non-binding letter of intent (LOI) with Radiant Offshore Fund Ltd for a bridge loan financing in the amount of up to $1.5 million to be disbursed in three tranches with 1st tranche in the amount of $150,000 advanced to ARISE.

ARISE Technologies has also entered into a LOI for a merger between ARISE and an unnamed third party. ARISE and the unnamed third party are currently conducting due diligence to establish the relative values of the entities for the purpose of the proposed business combination.

ARISE Technologies and Haverstock Master Fund, Ltd. have entered into an amending agreement in respect of the share purchase warrants previously issued to Haverstock in May 2011 and July 2011. In consideration for Haverstock agreeing to extend the maturity of its bridge loan from September 30 to November 30 and to subordinate its security position in ARISE’ assets in certain circumstances, ARISE has agreed to reduce the exercise price of the 1,500,000 share purchase warrants issued to Haverstock in 2011 to $0.05. The share purchase warrants originally were exercisable at between $0.21 and $0.10. In addition, the amount due under the Haverstock bridge loan was increased by $25,000.

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