As communicated in 2013/2014 Year-End Report, Phase Holographic Imaging (PHI) has successfully reached the milestones of the initial funding period. PHI has therefore initiated the planned second funding round by securing 3 MSEK from investors and ALMI.
These funds allow PHI to immediately progress towards the milestones of the second funding period, including the establishment of a Center of Excellence for the US market – a key component of the strategic marketing plan.
The investor capital of 1.5 MSEK has been made available to the Company as loans. At the discretion of the shareholders, the loans may be fully or partially converted into shares in the planned rights-issue during the third quarter of 2014. Otherwise, the loans will be repaid in cash no later than the December 1, 2014. Peter Egelberg, the CEO and founder of PHI, provides 300 TSEK of the 1.5 MSEK.
To compensate for loss of bank interest, financial risk and for partially guaranteeing the rights-issue investors will receive a fixed interest of 12%, regardless of how and when the loans are repaid. If the loans are fully converted into shares, accrued interest will be converted as well.
Additionally, PHI has been granted a 6 month loan of 1.5 MSEK from ALMI Skåne according to ALMI’s general conditions.
ALMI has for many years given the Company financial support. More information about ALMI can be found at www.almi.se.