Further Strategic Investment Under Funding Round
21/03/2022 07:45
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RNS Number : 4165F Tintra PLC 21 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
21 March 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Further Strategic Investment Under Funding Round
The board of directors of Tintra (the "Board") is pleased to confirm that
further to the announcement of 7 March 2022 (the "Announcement"), that it
has received the subscription agreements under the current funding round for a
further US$2,000,000 (the "Subscriptions"). As set out in the
Announcement, these are the Family of the private equity professional based in
New York City, who has already agreed to invest $250,000, and consists of two
investments of $1,000,000 each by separate limited liability companies. This
brings the total investment by the Family or related entities to US$2,250,000,
not the $2,275,000 provided in the Announcement. The investment has no
conditionality.
The Subscriptions are for two equal commitments for 148,511 new ordinary
shares of 1 pence each in the capital of the Company ("Ordinary Shares"),
priced at 504 pence per Ordinary Share, at an exchange rate of £1.00:$1.336
(the "Subscription Price").
For each new Ordinary Share purchased under the Subscription, the investor
will receive two warrants to subscribe for new Ordinary Shares at an exercise
price of 50 pence per Ordinary Share for a period of five years, conditional
on either the market capitalisation of the Company exceeding US$250,000,000
for a period of three consecutive trading days or a future funding round being
concluded with a post-money valuation of US$250m or greater (the "Warrants").
The funds due under the Subscriptions are contracted to be received within 30
days, at which point an update announcement will be made.
Richard Shearer, Tintra CEO, said, "This investment from the family of a
renowned New York based private equity professional is perhaps the strongest
validation we have yet received of the substance and future of our model and
execution plans.
We now have all teams focused on the regulation and tech build across all
verticals, with the Artificial Intelligence and newly announced Web 3.0 teams
at the core. Further, we have just entered another 90 day internal period, the
end of which will see 5 different teams having delivered innovation and on
those execution plans, some of which we quite expect to be groundbreaking."
For further information, contact:
Tintra PLC 020 3795 0421
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com
Allenby Capital Limited 020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
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