Tintra PLC Revised Financing Arrangement (0110L)
31 August 2023 - 8:06PM
UK Regulatory
TIDMTNT
RNS Number : 0110L
Tintra PLC
31 August 2023
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY
HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR")
31 August 2023
Tintra plc
("Tintra", the "Group" or the "Company")
Revised Financing Arrangement
Total Voting Rights
The board of directors (the "Board") of Tintra, the rapidly
innovating Deep Tech & Banking business, is pleased to provide
the following update.
Revised Funding Arrangement
The Company announced on 10 March 2023 and updated on 9 June
2023 and 11 July 2023 an investment of USD2m with a Middle Eastern
investor. The Company yesterday agreed with the investor to cancel
that investment and to replace that existing equity subscription
agreement with a USD3m revolving finance facility (the "Facility").
The key terms of the Facility are as follows:
-- Amount - US$3,000,000
-- Term - 18 Months
-- Profit Rate - 0% for first 180 days, then 5% per annum
-- Security - First Charge over shares in Company subsidiary Tintra (Middle East) LLC
-- Effective Date - 30 August 2023
-- PurposeGeneral working capital
The Board believes that that the additional $1m in working
capital will be advantageous in current market conditions and the
change to a non-dilutive financing will be more appropriate for the
Company at this stage of its development.
Total Voting Rights
The Company has 17,727,953 ordinary shares of 1 pence each
("Ordinary Shares") in issue, each with one voting right. There are
no shares held in treasury. Therefore, the Company's total number
of Ordinary Shares and voting rights is 17,727,953 and this figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
For further information, contact:
Tintra PLC
(Investor Relations)
ir@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
This announcement is released by Tintra plc and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of UK MAR, encompassing
information relating to the placement mentioned above. For the
purposes of UK MAR, this announcement is made by Hannah Hatfield,
Communications Head of Tintra plc.
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END
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