Update on Funding Round
30/11/2022 15:31
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RNS Number : 1281I Tintra PLC 30 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
30 November 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Funding Round
The board of directors of Tintra (the "Board") is pleased to provide an update
on the Company's fundraising plans, previously set out in the Company's most
recent annual report as well as the Company's business update, as announced on
8 November 2022.
The Board has presented to certain High Net Worth Investors and Family Offices
and received non-binding commitments for the raise that are now in
negotiations to finalise terms (although there can be no guarantee that these
will be successfully finalised). Notwithstanding the Company previously
expecting to complete the funding round in November 2022, it is the Board view
that progress in respect of the fundraising is proceeding in a positive
manner.
It is the Board's intention to raise circa US$25m during the current round
(the "Funding Round"), with the first tranche of at least US$10m expected to
be closed during the first two weeks of December 2022, and the balance before
the end of the Company's financial year (31 January 2023).
In line with previous announcements by the Company, it is the Board's
intention that the Funding Round will be priced so that the US$25m of new
shares to be issued to be the equivalent of 10% of the enlarged ordinary share
capital of the Company.
It is emphasised that the Funding Round is, amongst other matters, subject to
ongoing negotiation and therefore there can be no certainty that the Funding
Round will proceed in line with the terms previously outlined by the Company.
Further announcements will be made at the appropriate time.
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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