28 September 2018 Spookfish receives A$5 million payment from EagleView Spookfish Limited
(“Spookfish”
(ASX:SFI) is pleased to announce that it has received a A$5 million payment from Eagle View Technologies, Inc. (“EagleView”
.The payment has been made as a prepayment for, and to set off, the first A$5m of royalties payable by EagleView to Spookfish in accordance with the Development, License and Royalty Agreement between Spookfish and EagleView dated 17 May 2016 (“Development, License and Royalty Agreement”
. The payment forms part of EagleView's obligation, as announced by Spookfish on 26 July 2018, to make certain payments to Spookfish totalling an aggregate of A$15 million by 28 September 2018, in consideration for Spookfish agreeing to amend the existing Development, License and Royalty Agreement such that EagleView has the sole right to elect that it will not automatically renew for two consecutive five year terms. As EagleView has now paid the aggregate of A$15 million to Spookfish, the Development, License and Royalty Agreement will not revert to its previous form.
