Integrated Media Technology Limited Provides Update on Marvel Digital Limited Share Subscription Agreement
Integrated Media Technology Limited - Ordinary Shares (IMTE)
US:NASDAQ Investor Relations:
nasdaq.com/symbol/imte
Company Research
Source: GlobeNewswire
HONG KONG and NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- Integrated Media Technology Limited (ASX:ITL) (NASDAQ:IMTE) (“IMT” or the “Company”) announces an update to the Share Subscription Agreement (the ”Subscription Agreement”) for the Company’s subsidiary, Marvel Digital Limited (“MDL”). As announced, pursuant to the Subscription Agreement with an independent investor (the “Investor”), MDL agreed to issue and sell to the Investor, and the Investor agreed to purchase, 15,790 ordinary shares of MDL (“New Shares”) representing approximately 5% of the enlarged issued share capital of MDL, at an aggregate subscription price of HK$ 15 million, which is approximately $2.5 million Australian dollars. Upon the close of the full subscription of the New Shares in MDL, IMT`s holding will be 95% of the enlarged share capital in MDL. The consideration will be paid by the Investor in cash by four instalments, in which a non-refundable amount of HK$ 2 million, approximately $339,000 Australian
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