REG - Primorus Investments - Investee Company Update – Alteration Earth

Primorus InvestmentsAnnouncement

23/12/2024 14:15

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RNS Number : 1669R  Primorus Investments PLC  23 December 2024

Primorus Investments plc

 

("Primorus" or the "Company")

 

Investee Company Update - Alteration Earth

 

 

Primorus (AIM: PRIM) notes the announcement by its investee company Alteration
Earth PLC ("ALTE") on its acquisition of Pri0r1ty AI Ltd ("Pri0r1ty AI" or
"PAI"), a UK based artificial intelligence SaaS company, and its expected
admission to AIM ("Admission") ("Transaction").

 

As part of the Transaction, ALTE has raised £855,000 through a placing and
subscription of 6,333,329 new ordinary shares at a price of 13.5 pence per
share ("Fundraise"). Primorus has subscribed for 592,592 new ordinary shares
in ALTE as part of the Fundraise for cash consideration of £80,000
("Additional Investment"). Following the Additional Investment Primorus will
hold 11,677,756 ordinary shares in ALTE representing approximately 12 per
cent. of the issued share capital of ALTE, upon Admission.

 

For the year ended 30 September 2023 ALTE made a loss of approximately
£273,000.

 

In aggregate, from Admission, the Company, Rupert Labrum and Matthew Beardmore
(both directors of the Company) will hold 15,361,756 ordinary shares of ALTE
representing approximately 16% of the issued share capital of ALTE.

 

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.

 

 

For further information please contact:

 

 Primorus Investments plc

 Matthew Beardmore, Chief Executive Officer   +44 (0) 20 8154 7907

 Nominated Adviser

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

 Sandy Jamieson/James Caithie

 

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