Tintra PLC Strategic Investment Under Current Funding Round (9195J)
16 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMTNT
RNS Number : 9195J
Tintra PLC
16 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
16 December 2022
TINTRA PLC
("Tintra", the "Group" or the "Company")
Strategic Investment Under Current Funding Round
The board of directors of Tintra (the "Board") is pleased to
confirm that further to the announcement of 30 November 2022 (the
"Announcement"), that it has received the subscription agreement
under the current funding round for US$10,000,000 (the
"Subscription"). The Subscription has been agreed with the Family
Office of a Gulf-based investor . The Subscription will be made
through a new special purpose vehicle (the "SPV"). The Subscription
has no conditionality, however based on earlier funding rounds
taking longer to close than anticipated the funds due under the
Subscription are contracted to be received within 45 days to enable
the establishment of the SPV, at which point an update announcement
will be made.
The Subscription is for 684,594 new ordinary shares of 1 pence
each in the capital of the Company ("Ordinary Shares"), priced at
1178 pence per Ordinary Share, at an exchange rate of GBP1.00:$1.24
(the "Subscription Price").
For each two new Ordinary Shares purchased under the
Subscription, the investor will receive one warrant to subscribe
for new Ordinary Shares at an exercise price of 504 pence per
Ordinary Share for a period of five years, conditional on either
the market capitalisation of the Company exceeding US$500,000,000
for a period of three consecutive trading days or a future funding
round being concluded with a post-money valuation of US$500m or
greater (the "Warrants"). A total of 342,297 Warrants will be
issued under the Subscription, once the funds are received.
Richard Shearer , Tintra CEO, said, " This funding round, in a
deteriorating macro-economic environment, continues to move along
well, if a little slower than we would like. We set out on this
round with very different market conditions to those which we find
ourselves now, but the continued show of support and interest in
Tintra from prospective investors continues to be incredibly
motivational.
Ideally I'd like lots of interest and fast pace, but to continue
to have solid interest in our funding strategies with these
headwinds is really rewarding internally as confirmation that the
mission we collectively set out on is supported so
meaningfully.
We have revised our strategy along the way over the past few
months a little to take into account this sentiment and are now
speaking to a wider variety of funding partners to have a greater
blend in the funding stack.
As I've said many times, my only focus is on what the Company is
doing in 3 or 5 years from now, the good it has done for people
across the world and the impact that has on the value of our
Company. To that end we are taking the view that the more cash we
can get at bank now the more future proof the build out phase
is.
We have meaningful conversations underway all over the world and
after a pause now for the Holidays we expect to convert those to
commitments ."
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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