Nice & Green and Napster Group PLC have decided to significantly increase the pace of the financing program.
MelodyVR Group PLC (AIM:MVR), a leading music company and operator of the MelodyVR and Napster platforms, who recently announced its intention to change its name to Napster Group PLC is pleased to announce additional investment of £6.48 million by way of issue and subscription of Convertible Loan Notes.
The proceeds of the Loan Notes will support the development and launch of the new integrated mobile app which will combine the best content and functionality from both the Napster and MelodyVR businesses to create a new music platform during the course of 2021.
Anthony Matchett, Group CEO:
“We are delighted to announce this convertible funding which will support the development of our new Napster music service throughout the course of 2021, whilst remaining in the best interest of shareholders due to the principal terms of the agreement. We are pleased to welcome Nice & Green as strategic investors into our company and look forward to working together more closely.”
Marc Cattelani, Founder and CEO of Nice & Green:
“Following its recent acquisition of Napster, MelodyVR will pioneer the next-generation of music service and offer the first ever music entertainment platform combining immersive visual content and music streaming. As an early fan of Napster back to the turn of the millennium, I am delighted that 20 years later Nice & Green can contribute to the revival of this iconic brand and services beside Melody VR’s incredibly talented team.”
Contact Information
Adela KORSELT
CFO
akorselt@nicengreen.ch
+41 22 361 37 95