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FT8 plc (GFT)

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Wednesday 18 May, 2016

FT8 plc

Issue of Equity and Working Capital Update

FT8 plc

(“FT8” or the “Company”)

Issue of Equity

Termination of Finance Agreement

Working Capital Update

FT8 announces the successful completion of a private placement of 24,763,753 ordinary shares at a price of £0.007 to raise £173,346 (US$250,000). The proceeds will be utilised for general corporate purposes.

In addition, further to the announcement of 26 June 2015, in which the Company confirmed that it had entered into a new finance package with a private financier for US$1.5million, the Company announces today that notwithstanding its ongoing compliance with all terms and conditions imposed by the financier, it has now received notice that the funds are unavailable to be disbursed by the financier and are therefore unavailable to be drawn-down. FT8 therefore considers that the agreement is considered terminated. No money has been drawn down under the arrangement, and FT8 has not paid any commitment or facility fees. The Company is considering its options in respect of the agreement, in light of this notification and further updates will be provided as required.

As announced on 2 March 2016, despite an appreciable decline in working capital due to current balance sheet constraints, FT8 has sought and received the accommodation of its service providers and the completion of today’s placing gives the directors more comfort as to the working capital position of the Company. FT8 continues the development of previously-announced initiatives, as well as the pipeline of additional investment opportunities and is pursuing a number of other opportunities.

A further update will be provided as soon as practicable.

Enquiries:
Phillip Pryor, FT8 Plc +61 419 342 457
Sean McShane, FT8 Plc +18 172 718 169
Katy Mitchell, WH Ireland Limited +44 161 832 2174

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