REG - Mode Global Holdings - Completion of Fundraising

R8 Capital InvestmentsAnnouncement

13/07/2022 07:00

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RNS Number : 2491S  Mode Global Holdings PLC  13 July 2022

Mode Global Holdings PLC

13 July 2022

 

 

13 July 2022

Mode Global Holdings PLC

Completion of Fundraising

Further to the announcement of its 2021 Annual Results on 28 June 2022, Mode
Global Holdings PLC ("Mode"), the LSE-listed fintech group is pleased to
announce completion of its recent fundraising by way of the issue of
convertible loan notes ("Loan Notes") to existing and new investors for
aggregate gross proceeds of £1,900,000.  Subsequent to publication of the
2021 Annual Results, certain directors of Mode also agreed to subscribe for
Loan Notes for an aggregate sum of £65,000, which, taken together with one
delayed subscription, will result in total gross proceeds of the fundraising
being £2,000,000.

The Loan Notes are unsecured, have a coupon of 8% and will be convertible into
Mode's Ordinary Shares at a price equal to the lower of (i) 90% of the average
mid-market ‎price for the period of 5 Business Days prior to conversion; and
(b) 10p‎. To the extent not converted, the Loan Notes will be repaid after
12 months.  Investors in the Loan Notes will also be issued with one warrant
for every Loan Note held ("Warrants"). The Warrants are exercisable into
Mode's Ordinary Shares for a period of two years from issuance at a price per
share of £0.20.

The fundraising closure follows publication of the firm's 2021 results, which
saw users grow by 261% over the year, with 70% of trading customers being
repeat buyers. Trading volume increased by 732% compared to the same period in
2020.

Rita Liu, Mode Global Holdings' CEO comments: "Our recent fundraising displays
the ongoing strength in our core businesses and shows that appetite from both
new and existing investors has not waned despite the recent bout of market
volatility. This fundraising round provides us with a greater opportunity to
expand our unique position as an FCA-registered and LSE-listed fintech
leader."

Jonathan Rowland, Mode Global Holdings' Executive Chairman comments: "Since
Mode's inception, we have worked hard to develop a suite of products that
offers long term value to businesses and consumers that modernize financial
services The latest fundraising round shows that investors believe we have
done that, and will continue to do so in the long term. In today's tough
environment, our ability to close the fundraising round shows that we, and
crypto, are here to stay. We look forward to continuing to deliver value to
shareholders."

 

-ENDS-

Press contacts:

Fiona McAra, MRM

+44 (0)7471 350286

mode@mrm-london.com

Julie Sand, Mode Global Holdings PLC

 +44 (0)203 773 0588

 julie.sand@modeapp.com

 

Notes to Editors

About Mode:

Mode is an LSE-listed fintech company on a mission to build the world's most
disruptive ecosystem where exchanging value and growing wealth is seamless for
all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on
this mission and offer customers in the UK a one-stop app to shop, earn and
grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper,
safer and smarter alternative to card payments that rewards shoppers with
Bitcoin Cashback.

To learn more, visit our customer/business site at www.modeapp.com or our
investor site at www.modeplc.com.

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