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VISUAL INTERNATIONAL HOLDINGS LIMITED - Update Announcement - share issue to Milost Global Inc in respect of 2nd draw down

Release Date: 09/03/2018 13:20
Code(s): VIS     PDF:  
Wrap Text
Update Announcement - share issue to Milost Global Inc in respect of 2nd draw down

VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company”)
ISIN Code: ZAE000187407 Share code: VIS

UPDATE ANNOUNCEMENT: SHARE ISSUE TO MILOST GLOBAL INC (“MILOST”) IN RESPECT OF
SECOND DRAW DOWN

Shareholders are referred to the announcement published on 2 March 2018 regarding the
receipt of R2 million from Milost in respect of a second drawdown notice (“Second Draw
Down”) issued in terms of the funding agreement entered into by the Company with Milost
(“Funding Agreement”), as announced on 15 September 2017.

Shareholders are advised that the issue price of the shares to be issued to Milost in respect
of the Second Draw Down is 11.46 cents per share (“Issue Price”), being a 10% discount to
the 30-day volume-weighted average price which was determined at 12.73 cents as at
2 March 2018. This is the minimum issue price in terms of the Funding Agreement and under
the Company’s general authority due to the funds being received during February 2018
and in order to comply with the JSE Listings Requirements.

An amount of USD25 000 is payable to Milost in respect of transaction fees, which amount
will be settled in shares at the Issue Price. As at the date of this announcement, Milost is not
a related party to the Company.

The shares will be issued under the Company’s general authority to issue shares for cash and
will rank pari passu with the issued ordinary shares of the Company.


Cape Town
9 March 2018

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

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