Investee Company Update: DBC

RNS Number : 0483Y

FastForward Innovations Limited

12 May 2016

 

12 May 2016

FastForward Innovations Limited

("FastForward" or the "Company")

Investee Company Update: Diabetic Boot Company Limited Completes First Tranche of Financing

FastForward notes that its investee company, Diabetic Boot Company Limited ("DBC"), has satisfied the conditions of its most recent fundraising's First Tranche, completed May 11, 2016.

The Company notes that on May 11, 2016, DBC satisfied the conditions that were required to be satisfied in respect to the binding Term Sheet DBC entered into with Regent Pacific Group Limited (HKX:575) ("Regent"). The First Tranche was completed on 11 May 2016, following the payment by Regent of GBP 999,994 (or approximately US$1,443,391) to DBC in exchange for the issue and allotment by DBC of 43,478 new DBC Shares and 21,739 Fundraising Warrants to Regent. Following completion of the First Tranche, Regent now holds 133,231 DBC Shares, representing approximately 23.04 per cent. of the enlarged, but undiluted, issued share capital of DBC.

In connection with this completed financing, FastForward is pleased to announce that the implied value of Regent's subscription represents a 72% increase to FFWD's subscription price.

Lorne Abony, FastForward CEO stated, "This is an exciting transaction for the Diabetic Boot Company as well as current shareholders. We believe DBC is well positioned to seize upon its massive market opportunity; saving millions of lives in the process. This financing was a very attractive option for the DBC team as well as for FastForward shareholder's who will benefit from the increased value of our holding in the company".

FastForward's current interest in DBC's issued share capital will reduce to 4.49% from 4.86% previously and should DBC be successful in raising the full £3.5 million it is seeking, would be expected to be 3.72% (pre-dilution). Investors should also note that certain directors of FastForward, being Jim Mellon and Stephen Dattels, are directors and have a shareholding interest in Regent.

-ends-

For further information please visit www.fstfwd.co or contact:

FastForward Innovations Limited Tel: [phone] Elysium Fund Management Limited

Beaumont Cornish Limited (Nomad) Tel: [phone] James Biddle / Michael Cornish

Peterhouse Corporate Finance Limited (Broker) Tel: [phone] Guy Miller / Lucy Williams

 

END

 

 

MSCDMGMKNZZGVZG