Numascale: Agrees on terms for NOK 25-42 mill funding

Numascale AS is pleased to announce that it has agreed on terms for equity financing for the remaining development and market launch of NumaChip with two Norwegian based venture investment funds.

Total investments are expected to be NOK 25-42 million in two or three tranches; including a convertible bridge loan of NOK 3 million that will be provided for operating fund requirements prior to closing.

The first tranche is expected to close by the end of Q2 2009 subject to certain conditions and has been approved by the respective boards."