Tintra PLC Further Strategic Investment Under Funding Round (4165F)
21 März 2022 - 8:45AM
UK Regulatory
TIDMTNT
RNS Number : 4165F
Tintra PLC
21 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
21 March 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Further Strategic Investment Under Funding Round
The board of directors of Tintra (the "Board") is pleased to
confirm that further to the announcement of 7 March 2022 (the
"Announcement"), that it has received the subscription agreements
under the current funding round for a further US$2,000,000 (the
"Subscriptions"). As set out in the Announcement, these are the
Family of the private equity professional based in New York City,
who has already agreed to invest $250,000, and consists of two
investments of $1,000,000 each by separate limited liability
companies. This brings the total investment by the Family or
related entities to US$2,250,000, not the $2,275,000 provided in
the Announcement. The investment has no conditionality.
The Subscriptions are for two equal commitments for 148,511 new
ordinary shares of 1 pence each in the capital of the Company
("Ordinary Shares"), priced at 504 pence per Ordinary Share, at an
exchange rate of GBP1.00:$1.336 (the "Subscription Price").
For each new Ordinary Share purchased under the Subscription,
the investor will receive two warrants to subscribe for new
Ordinary Shares at an exercise price of 50 pence per Ordinary Share
for a period of five years, conditional on either the market
capitalisation of the Company exceeding US$250,000,000 for a period
of three consecutive trading days or a future funding round being
concluded with a post-money valuation of US$250m or greater (the
"Warrants").
The funds due under the Subscriptions are contracted to be
received within 30 days, at which point an update announcement will
be made.
Richard Shearer , Tintra CEO, said, " This investment from the
family of a renowned New York based private equity professional is
perhaps the strongest validation we have yet received of the
substance and future of our model and execution plans.
We now have all teams focused on the regulation and tech build
across all verticals, with the Artificial Intelligence and newly
announced Web 3.0 teams at the core. Further, we have just entered
another 90 day internal period, the end of which will see 5
different teams having delivered innovation and on those execution
plans, some of which we quite expect to be groundbreaking . "
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
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END
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