Update on Funding Round

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 (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

 

END

 

 

UPDFDSFISEESEDF