Strategic Investment Under Current Funding Round
16/12/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221216:nRSP9195Ja&default-theme=true
RNS Number : 9195J Tintra PLC 16 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
16 December 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Strategic Investment Under Current Funding Round
The board of directors of Tintra (the "Board") is pleased to confirm that
further to the announcement of 30 November 2022 (the "Announcement"), that
it has received the subscription agreement under the current funding round for
US$10,000,000 (the "Subscription"). The Subscription has been agreed with
the Family Office of a Gulf-based investor. The Subscription will be made
through a new special purpose vehicle (the "SPV"). The Subscription has no
conditionality, however based on earlier funding rounds taking longer to close
than anticipated the funds due under the Subscription are contracted to be
received within 45 days to enable the establishment of the SPV, at which point
an update announcement will be made.
The Subscription is for 684,594 new ordinary shares of 1 pence each in the
capital of the Company ("Ordinary Shares"), priced at 1178 pence per Ordinary
Share, at an exchange rate of £1.00:$1.24 (the "Subscription Price").
For each two new Ordinary Shares purchased under the Subscription, the
investor will receive one warrant to subscribe for new Ordinary Shares at an
exercise price of 504 pence per Ordinary Share for a period of five years,
conditional on either the market capitalisation of the Company exceeding
US$500,000,000 for a period of three consecutive trading days or a future
funding round being concluded with a post-money valuation of US$500m or
greater (the "Warrants"). A total of 342,297 Warrants will be issued under
the Subscription, once the funds are received.
Richard Shearer, Tintra CEO, said, "This funding round, in a deteriorating
macro-economic environment, continues to move along well, if a little slower
than we would like. We set out on this round with very different market
conditions to those which we find ourselves now, but the continued show of
support and interest in Tintra from prospective investors continues to be
incredibly motivational.
Ideally I'd like lots of interest and fast pace, but to continue to have solid
interest in our funding strategies with these headwinds is really rewarding
internally as confirmation that the mission we collectively set out on is
supported so meaningfully.
We have revised our strategy along the way over the past few months a little
to take into account this sentiment and are now speaking to a wider variety of
funding partners to have a greater blend in the funding stack.
As I've said many times, my only focus is on what the Company is doing in 3 or
5 years from now, the good it has done for people across the world and the
impact that has on the value of our Company. To that end we are taking the
view that the more cash we can get at bank now the more future proof the build
out phase is.
We have meaningful conversations underway all over the world and after a pause
now for the Holidays we expect to convert those to commitments."
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IOEGPGUAPUPPPGA