Music VR service MelodyVR’s plans to merge with streaming service Napster continue: they have been detailed in a public filing this morning in the UK.
They include a new shares issue: 201.3m subscription shares at a price of 3.75 pence per share (so around £7.6m). There is also a $25m “delayed draw term” loan facility from financial firm Davis Partnership, to be repaid within 20 months. There is also a “secured bridge facility agreement” with Davis Partnership of $5m, to be repaid next March “with proceeds from a subsequent equity offering or by drawing on the Loan Facility prior to the maturity date”.
This is all very finance-nitty-gritty, but it shows how the deal is being put together, with a subsidiary of MelodyVR to merge into Napster, with the latter being the surviving entity of the two.
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