REG - Mindflair PLC - Placing to raise £925,000

MindflairAnnouncement

24/07/2024 16:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240724:nRSX7145Xa&default-theme=true

RNS Number : 7145X  Mindflair PLC  24 July 2024

24 July 2024

 

Mindflair plc

 

("Mindflair" or the "Company")

 

 

Placing to raise £925,000

 

 

Mindflair plc (AIM: MFAI), the company investing in next generation technology
focused on AI, announces that it has raised gross proceeds of £925,000 (the
"Placing") through the issue of 92,500,000 new ordinary shares of 0.25 pence
in the Company (the "Placing Shares") at a price of 1.0 pence per share (the
"Placing Price").

 

The Placing Price represents a 15% discount to the closing mid-market price of
1.175 pence on 23 July 2024.

 

Background to the Placing

 

The Company is seeing a rise in new opportunities and accordingly, the Board
emphasises the importance of maintaining available funds for both general
working capital purposes and to capitalise on these investment  prospects
promptly.

 

The Placing was arranged by Shard Capital Partners LLP.

 

Admission

 

Application will be made to the London Stock Exchange to admit the Placing
Shares to trading on AIM ("Admission"). Admission of the new ordinary shares
is expected to occur on or around 1 August 2024. The Placing Shares will rank
pari passu with the existing ordinary shares.

 

 

Total Voting Rights

 

For the purpose of the Disclosure and Transparency Rules, following Admission,
the enlarged issued share capital of the Company will comprise 366,756,642
ordinary shares of 0.25 pence each. The above 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 Disclosure and Transparency Rules.

 

Nicholas Lee, Director of Mindflair, commented:

 

"We believe that this is a very exciting time for the Company with a number of
interesting developments taking place within our portfolio of AI technology
companies.  We are also seeing a number of attractive investment
opportunities which we believe it makes sense to be in a position to take
advantage of."

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement. The person who arranged for the release of
this information is Nicholas Lee, a director of the Company.

 

Enquiries:

 

 Mindflair plc

 Nicholas Lee, Director         Tel: +44 (0) 20 3368 8961
 Nominated Adviser

 Cairn Financial Advisers LLP   Tel: +44 (0) 20 7213 0880

 Liam Murray

 Ludovico Lazzaretti
 Broker

 Peterhouse Capital Limited     Tel: +44 (0) 20 7469 0935

 Duncan Vasey/Lucy Williams     Tel: +44 (0) 20 7469 0936

Notes to Editors

 

About Mindflair plc

 

Mindflair plc (AIM: MLAI) is an investment company providing investors with
access to a portfolio of next generation technology businesses focused on AI
with significant growth potential.

 

The Company is building an investment portfolio of high-tech businesses across
areas such as Artificial Intelligence, Internet of Things, Cyber Security,
Machine Learning, Immersive Technologies and Big Data, which the Board
believes demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these sectors.

For further information, visit is http://www.mindflair.tech/
(http://www.mindflair.tech/) .

 

Caution regarding forward looking statements

 

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEPPUAPMUPCGAC