WeShop Update

RNS Number : 3341X

Primorus Investments PLC

27 August 2020

 

Primorus Investments plc

("Primorus" or the "Company")

WeShop Limited Update

Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to provide the following update which it has received regarding its current investment in WeShop Limited ("WeShop") in which Primorus currently has an investment of £875,000.

WeShop Update 

Highlights include:

· £9,000,000 fundraise completed through the issue of a convertible loan note

· Option granted for a further £2,777,777 cash investment

· Board changes including appointment of Yoav Keren, CEO of BrandShield, to the Board.

Financing

The Convertible Loan Note:

WeShop has announced that terms have been agreed, and completion happened on a £9,000,000 convertible loan note. The terms of the loan note are:

· Interest rate of 8% per annum for a 36-month period

· Unsecured from any debenture

· Conversion triggers which include an IPO, an exit or further funding rounds

· Conversion would occur at a 20% discount to the price of the conversion event

Option to acquire 10% for £2,777,777

The lead investor on the convertible loan note has also taken a 6-month option whereby it allows them to invest a further £2,777,777 into the business at a £25m valuation as equity which would give them a 10% stake in WeShop. Details of the Lead investor shall be released in the coming days.

WeShop Board Changes;

On the 13 August, Yoav Keren was appointed to the board of WeShop as Non-Executive Director. Yoav is the founder and CEO of Brandshield. BrandShield is an online threat hunting company, specialized in monitoring, detection and removal of online threats such as phishing attempts, executive impersonation, counterfeit products, trademark infringements and more. BrandShield was established to revolutionize the way companies can protect their digital assets outside their security perimeter.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information, please contact:

Primorus Investments plc:	[phone]
Alastair Clayton
Nominated Adviser:	[phone]
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker:	[phone]
Turner Pope Investments
Andy Thacker / Zoe Alexander

 

END

 

 

MSCSEASAWESSEDA