Ethernity Networks Ltd (AIM:ENET) said it has received notice of payment of the final investment, in the amount of £750,000, under the agreement with 5G Innovation Leaders Fund, a US-based specialist investor, as announced in September 2020.
The 5G Fund will make the investment of £750,000 by way of prepayment in the next five days for new shares valued at £823,500.
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The proceeds will be used by the supplier of data processing offload solutions for general corporate and working capital purposes.
This investment is the final investment under the agreement, concluding the full £3.2mln investment, and no further amounts remain to be funded by the investor.
Following the payment of this final investment, the amount subscribed for by the subscriber in relation to which shares will remain to be issued will be £1.5mln.
"The company would like to thank 5G Fund for committing to the agreement in September last year and for their continued support through the duration of the agreement to this final investment,” said Ethernity’s chief financial officer Mark Reichenberg.
“5G Fund has been a supportive and flexible funding partner for Ethernity, and its investments have provided the company with significant working capital during this transformational period of time during which the company's activities increased exponentially."