Further Strategic Investment Under Funding Round

RNS Number : 4165F

Tintra PLC

21 March 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

21 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 confirm that further to the announcement of 7 March 2022 (the "Announcement"),  that it has received the subscription agreements under the current funding round for a further US$2,000,000  (the "Subscriptions").  As set out in the Announcement, these are the Family of the private equity professional based in New York City, who has already agreed to invest $250,000, and consists of two investments of $1,000,000 each by separate limited liability companies. This brings the total investment by the Family or related entities to US$2,250,000, not the $2,275,000 provided in the Announcement. The investment has no conditionality.

The Subscriptions are for two equal commitments for 148,511 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 £1.00:$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$250,000,000 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 funds due under the Subscriptions are contracted to be received within 30 days, at which point an update announcement will be made.

Richard Shearer , Tintra CEO, said, " This investment from the family of a renowned New York based private equity professional is perhaps  the strongest validation we have yet received of the substance and future of our model and execution plans.

We now have all teams focused on the regulation and tech build across all verticals, with the Artificial Intelligence and newly announced Web 3.0 teams at the core. Further, we have just entered another 90 day internal period, the end of which will see 5 different teams having delivered innovation and on those execution plans, some of which we quite expect to be groundbreaking . " 

For further information, contact:

Tintra PLC (Communications Head) Hannah Haffield [e-mail] 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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