iSonea: New York-based Bergen Global Opportunity Fund, LP becomes new substantial shareholder

iSonea (ASX: ISN) has welcomed New York-based Bergen Global Opportunity Fund, LP as a substantial shareholder with a 6.75% interest in the company.

Bergen acquired 152.3 million shares as part of a A$10.6 million investment deal iSonea struck with the company in late September.

The deal will position Bergen as a cornerstone investor in iSonea.

Specifically, the deal is structured into two parallel instruments.  The first a $1 million lump sum investment by way of an unsecured convertible instrument on the execution of the agreement – with a face value of $1.12 million.

A further investment of up to $9.6 million (of which $4.8 million is conditional on a mutual commitment) will follow over a period of 24 months, as Bergen’s payment for additional ordinary share issues over a 24 month period.

The agreement also provides the company with the option to elect, within a certain time after execution of the agreement, for Bergen to invest $200,000-400,000 monthly in the company over 24 months, with the company issuing ordinary shares to Bergen.

iSonea recently began trading the company’s American Depositary Receipts (ADRs) on the OTCQX International marketplace in the United States.

The company principally trades on the ASX, however the new listing offers greater access to U.S.-based markets.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24039/isonea-new-york-based-bergen-global-opportunity-fund-lp-becomes-new-substantial-shareholder-24039.html