Extension of GEM Equity Line
Sopheon plc, the international provider of software and services that improve the financial return from innovation and product development investments, announces that it has reached an agreement to extend the Company’s equity line of credit facility with GEM Global Yield Fund Limited ("GEM") for a further two year period up to 23 December 2011. The terms of the facility are otherwise unchanged.
Sopheon retains full control of the amount and timing of any subscription under the Equity Line and will be under no obligation to use the facility at any point. Since inception, the facility has been used to raise working capital on one occasion in March 2004, leaving approximately 90% of the original €10m facility available under the extended agreement.
Sopheon Chairman Barry Mence said:
“We have a long standing relationship with GEM, and the equity line is an important component of Sopheon’s financing structure. We are delighted to be extending the facility for an additional two years.”