Equity Fundraising,Credit Facility,Board Addition

 

TIDMADID TIDMADIS 
 
RNS Number : 3029O 
Armor Designs, Inc. 
28 June 2010 
 

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| Press Release                     |                   28 June 2010 | 
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                               Armor Designs Inc. 
                       ("Armor Designs" or "the Company") 
            Equity Fundraising, Credit Facility, and Board Addition 
 
 
Equity Fundraising: 
Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based designer and 
manufacturer of composite armour products, is pleased to announce that it has 
today closed (the "Closing") a fundraising (the "Fundraising") by which the 
Company has raised US$3,575,000.00, before expenses, through a placing with 
investors of 238,335 new common shares of US$0.001 each in the Company (the 
"Placing Shares"). The Closing has been completed at a price of US$15 per 
Placing Share (the "Placing Price"). As part of the Closing the Company has 
agreed with the investors that in the event the Company issues any shares in the 
capital of the Company as part of a further fundraising at a price less than the 
Placing Price (the "Lower Price") prior to 31 December 2010, the investors will 
have the option to subscribe at par (being US$0.001 per share), for such number 
of additional shares as they would have received had the subscription price per 
share at Closing been at  the Lower Price rather than the Placing Price. 
The net proceeds of the Closing is being used for initial short term working 
capital needs. 
Application will be made for the Placing Shares to be admitted to trading on the 
London Stock Exchange's AIM market. Dealings in the Placing Shares are expected 
to commence on AIM at 8.00am on 2 July 2010. 
Credit Facility: 
Armor Designs Inc. is pleased to announce that it has received a letter of 
commitment from a boutique U.S. based investment fund, specialising in debt 
financing for companies in the knowledge-based or intellectual property sectors. 
The letter of commitment is in the form of a US$10.0 million Senior Secured Debt 
Facility ("the Facility") in the form of a line of credit. The availability of 
the Facility is subject to completion of due diligence and execution of legal 
documents, with an anticipated close on or around July 15, 2010. The Facility is 
expected to include an immediate advance of US$4.0 million with follow-on 
advances, up to a cumulative total of US$10.0 million, made available based on 
the Company's achievement of certain operational and financial milestones. The 
Facility has a proposed 5-year term, two warrant provisions (with strike prices 
of US$22.50 and US$24.00, respectively), conversion rights (at US$15 per share) 
and is collateralised, in part, by the Company's intellectual property. In 
addition, the Company will be expected to maintain certain usual and customary 
Covenants during the term of the Facility. 
Armor Designs Inc. will update the market, on or around July 15th, 2010, as to 
the status of the final close of the Credit Facility. 
Board Addition: 
The Company is also pleased to announce that it is strengthening the board with 
the appointment of Mr. David Oliveira as a Non-executive Director. The 
appointment of Mr. Oliveira will be effective 1 July, 2010. David Oliveira is 
the owner of The Investment Center of Tanglewood ("TICOT"). TICOT is an 
independently owned branch of The Investment Center ("TIC"), a full service 
brokerage firm and member of Financial Industry Regulatory Authority / 
Securities Investor Protection Corporation. He has formerly held senior 
management positions with Klinger & Co., Inc, Oppenheimer & Co., Dean Witter 
Inc., Merrill Lynch and Waddell & Reed, Inc. Mr. Oliveira has held or currently 
holds securities licenses: Series 6, 7, 22, 24, 63, 65. Mr. Oliveira is 53 years 
old. 
David Oliveira's directorships (current and within the previous 5 years) are as 
follows: 
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| Current: | None                                                                      | 
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| Past:    | None                                                                      | 
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There is no further information to disclose for Mr. Oliveira under schedule 2(g) 
of the AIM Rules. 
Dr. James A. St. Ville, Executive Chairman of the Company, commented:  "The 
board would like to welcome Mr. David Oliveira as a Non-executive Director. His 
broad experience in securities and finance, along with, the additional financial 
resources of the Credit Facility will strengthen our board and improve our 
ability to meet the increasing needs to successfully grow Armor Designs Inc. as 
knowledge-based company." 
For further information please contact: 
 
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| Armor Designs, Inc.                |                        | 
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| Phil Clement, Interim CEO          | Tel: [phone]   | 
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| [e-mail]      | www.armordesigns.com   | 
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Shore Capital and Corporate Ltd.Tel: [phone] 
Anita Ghaneker 
[e-mail] 
Edward Mansfield 
[e-mail] 
 
Media enquiries: 
 
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| Brunswick Group LLP                |                        | 
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| Michael Harrison/ Chris Blundell/  | Tel: [phone]  | 
| Camilla Gore                       |                        | 
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Notes to editors 
Armor Designs, Inc. ("ADI") is a knowledge-based company specializing in 
next-generation composite material design, manufacture, prototyping and testing 
for applications and products for the armor industry.  ADI uses a proprietary 
design and manufacturing process called VCM to rapidly develop new composite 
armor products of superior ballistic, weight and flexibility.  The VCM process 
is protected by patents and trade secrets licensed to ADI in perpetuity for use 
in field of armor. 
For more information on Armor Designs, Inc., please go to   www.armordesigns.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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