BRIEF-Frankly says announces term sheet for equity investment

Thu Aug 18, 2016 7:14pm EDT
 
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Aug 18 (Reuters) - Frankly Inc

* Frankly announces term sheet for equity investment and up to us$16 million loan facility from raycom media

* Will also convert us$1.0 million of its existing us$4.0 million promissory note to shares of frankly common shares

* Raycom will provide co with non-revolving term line of credit in of $14.5 million and additional available $1.5 million non-revolving line of credit

* Raycom currently holds 6.8 million class a restricted voting shares of co , which represent about 21% of issued,outstanding shares of frankly

* Raycom's 6.8 million class a restricted voting shares of frankly will be converted on or prior to closing date into common shares of frankly Source text for Eikon: Further company coverage: