Secures $2M Convertible Note Facility to Fund Near Term Growth
Sydney, April 8, 2015 AEST (ABN Newswire) - Invigor Group Limited (
ASX:IVO) (HYROF:OTCMKTS) ("Invigor") is pleased to provide this update to shareholders regarding its funding arrangements and its operational progress.
- Invigor now well funded to continue implementing growth strategy
- Growing cash receivables will strengthen IVO's available funding
- Recently launched price comparison and sourcing plug-in Shopping Ninja gaining visibility with over 2,000 website visits and nearly 400 downloads of preview version
- Insights Visitor Analytics engaged with several parties on near term roll out
Convertible Note Facility
The Company is pleased to advise that it has reached agreement with Marcel Equity Pty Ltd, an entity controlled by the company's Executive Chairman, Mr Gary Cohen ("Marcel Equity"), whereby Marcel Equity or its nominees will subscribe for redeemable unlisted convertible notes in the Company with a face value of up to $2.0 million ("Convertible Notes"). A summary of the key terms of the proposed Convertible Notes are in the link below.
The convertible note facility is able to be drawn down at any time. Funding received from issuing the Convertible Notes, together with additional cash amounts expected to be received over the next six months, will result in Invigor having over $4.0m of available cash to fund the continued implementation of its business plan. The convertible note facility will replace an existing loan facility between the Company and Marcel Equity.
The Company intends to seek approval from shareholders to approve the right to convert and the issue of shares upon such conversion of the Convertible Notes at its Annual General Meeting scheduled to be held on 27 May 2015.
Operations Update
Invigor last week launched Shopping Ninja, a price comparison browser plug-in designed to improve the online shopping experience of consumers. We have had already seen very good take up of Shopping Ninja with to date nearly 400 downloads and over 2,000 website visits. Shopping Ninja can be downloaded at www.shoppingninja.com.au/consumerpreview.
The Company is also pleased to update shareholders on the progress of Insights Visitor, the Company's mobile analytics technology platform. Invigor has been engaging with a number of key suppliers of hardware and infrastructure to accelerate the potential rollout of Insights Visitor. Whilst these discussions are ongoing, the Company is confident that it will reach agreement with a number of these parties which will result in them becoming major channel partners to the market.
Invigor looks forward to updating shareholders on the progress of Shopping Ninja and Insights Visitor in the near term.
For summary of the key terms of the convertible note, please visit:
http://media.abnnewswire.net/media/en/docs/79706-ASX-IVO-851894.pdf
About Invigor Group Ltd
Invigor Group (ASX:IVO) uses its complementary suite of big data products to source, aggregate, analyse and publish content for the benefit of businesses and consumers.
Today its interconnected data sets enable enterprise clients including retailers, brands, shopping centres and government bodies to identify and better understand competitors, consumers, markets and demographics while providing the consumer with the best value-for-money.
Using its current products and a pipeline of additional offerings Invigor will have the ability to provide an end-to-end solution spanning sales, product management, business intelligence, marketing, advertising, content creation and distribution, while monetising each step of the process.
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