Healthcare group, Stirling Products Limited (ASX:STI) advises the Company has received and agreed to the terms of a CONDITIONAL Letter of Intent (LOI) for the first of a number of global TeleMedCare licensing agreements that provides for:
The exclusive TELEMEDCARE rights for India to be granted to a special purpose company to be incorporated and publicly listed in India. The existing shareholders of TeleMedCare are to receive a 40% interest in this company on establishment which is to be non dilutive for the first AUD$3 million raised and from thereon will be proportionately diluted with respect to any further capital raised.
Further, the Company is advised that a number of the proposed Indian subscribers to the TeleMedCare special purpose Indian company are also desirous of investing in Stirling Products in order to get direct exposure to the global TeleMedCare and High Density Aerosol (HDA) pulmonary drug delivery opportunity. The LOI has therefore conditionally provided for a subscription to the issue of a total 880 million shares in Stirling Products in consideration of the payment of AUD$5 million (an average of $0.0056 per share).
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