Tintra PLC Further Strategic Investment Under Funding Round (7767D)
07 Mars 2022 - 8:00AM
UK Regulatory
TIDMTNT
RNS Number : 7767D
Tintra PLC
07 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
7 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
announce that further to the announcement of 26 November 2021, that
it has finalised a further subscription under the current funding
round, raising a further US$250,000 (the "Subscription").
The Subscription is for 37,128 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 GBP1.00:$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$250m 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 Subscription is made by a private equity professional based
in New York City. This investment is part of a larger investment
related to his family's Family Office which is anticipated to
subscribe to a further US$2.025m on the same terms, for which the
documentation is currently in process (the "Additional
Subscriptions").
The funds to be received will be used for the continuing
development of the Company's artificial intelligence platform and
regulatory licensing build alongside general working capital
purposes.
The Subscription and Additional Subscription are all expected to
complete and funds received during March 2022, at which point an
update announcement will be made.
Richard Shearer , Tintra CEO, said, " I am extremely pleased to
have on board this new partner and investor. One that shares our
artificial intelligence driven vision of revolutionising how
emerging markets directly benefit from financial inclusion. The
family have deep private equity experience and those insights have
already started to assist in our thinking. I know this is something
that I will draw on, and will add value for the board and
shareholders, over the coming months and years as we build out our
game changing model . "
For further information, contact:
Tintra PLC
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com 020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek
Bhardwaj 020 3328 5656
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END
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