VALIANT INVESTMENTS PLC
Update on Flamethrower plc And Issue of Equity
10 October 2016
Valiant is pleased to provide the following update on its 84.7% owned subsidiary, Flamethrower plc, and to announce that it has raised funds of £51,500 by way of a placing of ordinary shares in the Company.
Flamethrower plc (“Flamethrower”) continues to expand its portfolio of apps, and is pleased to announce the acquisition of the following new apps that strengthen its portfolio and product offering.
Where Am I At? is a leading navigation app for iOS and Android. To date, the iOS app has been installed on over 500,000 devices and is consistently in the top free navigation apps on the United States app store chart, having been ranked as high as 21. The app generates revenue through the publishing of adverts and in-app sales, and has been acquired for a cash consideration of $20,000.
Conversation Shaker is a suite of three apps comprised of Conversation Shaker, Conversation Shaker 1000, and Conversation Shaker Watch for use on Apple iOS and watchOS devices. The apps provide a flow of questions and icebreakers, and generate revenue through in-app sales, and have been acquired for a cash consideration of $3,000.
Additionally, the latest social casino games to be released by Flamethrower are Superhero Party Slots, Sugar Candy 7’s, and Cleopatra Slots Inferno, which are all slot games, released for both iOS and Android devices.
ISSUE OF EQUITY
The Company is pleased to advise that it has raised £51,500 by way of a placing of 51,500,000 new ordinary shares at a price of 0.1p per share. The monies raised will provide the Company with additional working capital and enable it to accelerate the development of its 84.7% owned subsidiary, Flamethrower plc.
The new ordinary shares rank pari passu with the existing ordinary shares.
Following this placing there are now 805,808,666 ordinary shares in issue, of which the Directors are interested in a total of 10,600,000 ordinary shares, representing 1.31% of the issued share capital.
CONRAD WINDHAM, CHIEF EXECUTIVE OFFICER, SAID:
“We are pleased at the latest apps acquired by Flamethrower, which further expand its portfolio of revenue generating assets. Flamethrower will continue to expand its portfolio through a combination of acquisition and direct development. We are encouraged at the rapid pace at which we have been able to build Flamethrower’s portfolio, and the revenue generated, which significantly improves the outlook for the Group going forward.”
The Directors of Valiant accept responsibility for the content of this announcement.
Valiant Investments plc
Telephone: 01366 381541
Peterhouse Corporate Finance Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9796