REG - Primorus Investments - Pri0r1ty AI PLC New Investment

Primorus InvestmentsAnnouncement

30/08/2024 07:00

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RNS Number : 2325C  Primorus Investments PLC  30 August 2024

  Primorus Investments plc

("PRIM" or the "Company")

Pri0r1ty AI PLC New Investment

Primorus Investments plc (AIM: PRIM) is pleased to announce it has subscribed
for 18,100,000 ordinary shares in  Pri0r1ty AI PLC (" Pri0r1ty"), for a total
consideration of £300,460 from the Company's existing cash resources
("Subscription"). The shares represent approximately 8.45% of the issued share
capital of Pri0r1ty following the Subscription. The Subscription is part of a
recent £550,000 fundraise by  Pri0r1ty to fund software roll out.

As announced by Alteration Earth PLC ("ALTE") on 27 June 2024, ALTE entered
non-binding heads of terms to acquire the entire issued share capital of
Pri0r1ty ("Proposed Acquisition"). The Proposed Acquisition is subject to
legal, financial and other due diligence and entry into a legally binding
share purchase agreement ("SPA"). As no binding agreement has yet been
reached, there can be no guarantee that the Proposed Acquisition will proceed
to completion.

For the year ended 2023,  Pri0r1ty made a loss of £51,530.

In aggregate, the Company, Rupert Labrum and Matthew Beardmore (both directors
of the Company) hold 8,250,000 ordinary shares of ALTE representing
approximately 45.83% of the issued share capital of ALTE.

Daniel Gee, Chief Executive Officer and Co-Founder of  Pri0r1ty  commented
"We are delighted to welcome such a well regarded technology investor as
Primorus as a shareholder. This investment round supported by Primorus has
allowed us to accelerate our go to market strategy and expand our team with a
wealth of experience from the SaaS industry. These funds will allow us to
become revenue generating and welcome the first customers to Pri0r1ty Advisor,
our flagship product. We are excited to onboard waiting list customers and
release further product developments ahead of our proposed admission to AIM".

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

James Caithie / Sandy Jamieson

+44 (0)20 7213 0880

 

PR Advisers to PriOr1ty:

Camarco - Marc Cohen, Emily Hall

Pri0r1ty@camarco.co.uk

+44 7741 052 506

+44 7817 304 939

 

 

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