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FortuneCity Announces Euro 1 Million Standby Capital Funding Agreement
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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FortuneCity Announces Euro 1 Million Standby Capital Funding Agreement
FortuneCity.com Inc “FortuneCity” announced today that it had agreed a standby
capital funding arrangement of Euro 1 million with the Company’s major
shareholder. This funding arrangement which is subject to the Company meeting
certain milestones, does not obligate FortuneCity to draw on the funding
available. The agreement provides the Company with enhanced financial
flexibility at a time when funding for smaller Internet companies is virtually
impossible to obtain. As FortuneCity’s business develops over the next 12 to 18
months the Company can determine how best to use the funds that this standby
facility provides.
Under the terms of this funding arrangement a partnership owned by the 2001
Metcalfe Settlement “the Partnership” has committed to make available if
requested by the Company funding of up to Euro 1 million at a price of USD 6
cents per share, subject to FortuneCity achieving certain cash flow milestones
and there being no adverse change in the business of the Company. In return for
this funding commitment the Company has agreed to issue the Partnership a three
year warrant to purchase up to 10 million shares of common stock at a price of
USD 12 cents per share, a premium of 70% over the average closing price for June
2003.
Mr. JW Metcalfe, Chairman of the Board of the Company is the settlor of the 2001
Metcalfe Settlement that currently holds via the Partnership approximately 35%
(23% on a fully diluted basis) of the Company’s shares and potentially could
increase its interest to 67% (53% on a fully diluted basis) if all shares are
issued and warrants exercised under these arrangements.
end of ad-hoc-announcement (c)DGAP 24.07.2003
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WKN: 919383; ISIN: US34969P1021; Index:
Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in
Düsseldorf, Hannover und Stuttgart
240730 Jul 03
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