July 16 (Reuters) - Buddy Technologies Ltd (BUD) : EQUITY...

July 16 (Reuters) - Buddy Technologies Ltd (BUD) :

• EQUITY CAPITAL RAISINGS, DEBT RESTRUCTURE AND COMPANY UPDATE-BUD.AX
• TO UNDERTAKE ENTITLEMENT OFFER TO RAISE UP TO AN ADDITIONAL A$10 MILLION (BEFORE COSTS)
• FIRM COMMITMENTS RECEIVED TO RAISE A$6.5 MILLION
• PLACEMENT AT ISSUE PRICE OF A$0.025/SHARE
• ENTERED ARRANGEMENTS WITH EASTFIELD TO SETTLE ALL AMOUNTS OWING VIA PAYMENT OF US$2.75 MILLION TO EASTFIELD
• ALSO RESTRUCTURED ITS EXISTING US$10M TERM DEBT FACILITY WITH PFG
• WILL EITHER ISSUE TO PFG PROMISSORY NOTES WITH A FACE VALUE OF UP TO US$4.25 MILLION OR CONVERTIBLE NOTES AT PRICE OF A$0.025 PER SHARE
• BUDDY DOES NOT RAISE SUFFICIENT FUNDS UNDER ENTITLEMENT OFFER TO PAY REMAINDER OF EASTFIELD PAYMENT AND/OR MAKE PFG
• PROCEEDS FROM PROMISSORY NOTES OR CONVERTIBLE NOTES WILL BE UTILISED TO PAY REMAINDER OF EASTFIELD PAYMENT AND/OR MAKE PFG PAYMENT