REG - Tintra PLC - Revised Financing Arrangement

TintraAnnouncement

31/08/2023 17:00

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RNS Number : 0110L  Tintra PLC  31 August 2023

 THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED
AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")

 

31 August 2023

 

Tintra plc

("Tintra", the "Group" or the "Company")

 

Revised Financing Arrangement

Total Voting Rights

 

 

The board of directors (the "Board") of Tintra, the rapidly innovating Deep
Tech & Banking business, is pleased to provide the following update.

 

Revised Funding Arrangement

 

The Company announced on 10 March 2023 and updated on 9 June 2023 and 11 July
2023 an investment of USD2m with a Middle Eastern investor. The Company
yesterday agreed with the investor to cancel that investment and to replace
that existing equity subscription agreement with a USD3m revolving finance
facility (the "Facility").  The key terms of the Facility are as follows:

 

·    Amount - US$3,000,000

·    Term - 18 Months

·    Profit Rate - 0% for first 180 days, then 5% per annum

·    Security - First Charge over shares in Company subsidiary Tintra
(Middle East) LLC

·    Effective Date - 30 August 2023

·    PurposeGeneral working capital

 

The Board believes that that the additional $1m in working capital will be
advantageous in current market conditions and the change to a non-dilutive
financing will be more appropriate for the Company at this stage of its
development.

 

Total Voting Rights

 

The Company has 17,727,953 ordinary shares of 1 pence each ("Ordinary Shares")
in issue, each with one voting right.  There are no shares held in treasury.
Therefore, the Company's total number of Ordinary Shares and voting rights is
17,727,953 and this 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
FCA's Disclosure Guidance and Transparency Rules.

 

 

 

 

For further information, contact:

 

 Tintra PLC                                        020 3795 0421

 (Investor Relations)

 ir@tintra.com

 Website www.tintra.com

 Allenby Capital Limited                           020 3328 5656

 (Nomad, Financial Adviser & Broker)

 John Depasquale / Nick Harriss / Vivek Bhardwaj

 

 

 

This announcement is released by Tintra plc and contains information that
qualified or may have qualified as inside information for the purposes of
Article 7 of UK MAR, encompassing information relating to the placement
mentioned above. For the purposes of UK MAR, this announcement is made by
Hannah Hatfield, Communications Head of Tintra plc.

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