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Digital Learning Marketplace p (ARGP)

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Friday 23 November, 2012

Digital Learning Marketplace p

Further re announcement of 15 November

Further re announcement of 15 November

23rd November 2012

DIGITAL LEARNING MARKETPLACE PLC
("DLM" or "the Company")
Further re. announcement of 15 November

As announced on 15 November 2012, and summarised in the Circular to Shareholders posted on the same day (the 'Circular'), the Company has entered into a subscription agreement with a Financial Services Authority regulated broker on behalf of their clients via Peterhouse Corporate Finance, the Company's brokers, which envisages raising £250,000 through the Loan Note Subscription.

The key terms of the Loan Notes being:

  • Gross proceeds of £250,000;
  • Repayable by 30 June 2014;
  • Subject to the receipt of any required regulatory approvals, both the Company and Loan Note holders may elect to convert the Loan Notes into Ordinary Shares at any time following the General Meeting at a price of 0.625 pence per Ordinary Share; and
  • Assuming full conversion of the Loan Notes and completion of the CVA the holders of the Loan Notes would hold 81.89 per cent. of the then enlarged Share capital.

As the original subscription letter had a de-facto expiry date of 16 November 2012, the Company has agreed with the proposed subscribers to extend the date to December 31 2012 by which time a General Meeting must be held to approve the Resolutions as outlined in the Circular. In addition the Company has agreed with the subscribers that the drawdown of the funds is additionally conditional on the lifting of the suspension of the Company's shares to trading on AIM.

All other terms and conditions of the subscription letter remain in place.

--ENDS-

FOR FURTHER INFORMATION, PLEASE CONTACT:

Digital Learning Marketplace: Tel: 020 7408 4720
Angus Forrest
    
Peterhouse Corporate Finance Limited:
Jon Levinson Tel: 020 7469 0930
    
Leander (Financial PR):
Christian Taylor-Wilkinson Tel: 07795 168157



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Digital Learning Marketplace plc via Thomson Reuters ONE

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