From:
Sent:
To:
i!!!P.
David Mitchell <
Tuesday, January
Jeffrey Epstein
Subject: <no subject>
Dear Jeffery
Happy New Year again,
I will see you on Friday morning
I just tried you but Lesley told me someone just arrived for a meeting=/div>
In brief I wanted to update you on the fundraising in Adfin
1. We completed a $2 million convertible placement with Cantor Ventures at=the end of the year,
2. The Company needed the cash sooner than was p=anned
3. Cantor is doing another $4 million in April targeting = $16-18 million valuation( 100-120% higher than what we
paid)
4. Sepa=ate from Cantor effort I am also trying to raise money at higher than $18 =illion valuation (Cantor can
match this as they have ROFR)
The terms of the $2 million in very high level bullet point are; =/div>
• Convertible in to AdFin stock at the lower of 50% higher than we invest=d at or the valuation of the B round (see
above)
• If and when they =onvert they get a board seat (we will have to increase board to 7 people a= we have 5 now )
• Carries an 8% coupon
• Note due in one year=fli>
• All shares that they receive have no other special terms
*I have an agreement with Jonathan Leitersdorf ,which I am in the proc=ssing now, that he will always vote with us in
the event that Cantor conve=ted.Currently we have an agreement which is in effect that either two of t=e three of us
(JEE,JL or DJM) could block certain actions of the Company
Darren Indyk and I spent some time with the Company counsel going over=the details of the transaction
Will give you more color on Friday,
David
PLEASE NOTE NEW ADDRESS:
DAVID MITCHELL
EFTA_R1_01443941
EFTA02404269
Mi=chell Holdings LLC
80= MADISON AVENUE
Ne= York NY 10065
US=
dings
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EFTA_R1_01443942
EFTA02404270