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***** Here's the text from the V0X markets article :-
(DEV ) announced that Sitius Limited, an investment vehicle wholly owned by Dr David vonRosen, has conditionally agreed to acquire a material interest in the Company. Dr vonRosen is an investor focused on taking significant and long-term positions in highly disruptive and scalable technology businesses.
Firstly, Dr vonRosen will enter into an equity subscription agreement with Singapore-based investor One Nine Two Pte announced earlier this month which raised up to £10 million.
On 22 February the Company received and closed the first £4 million equity subscription.
Another transaction Dr vonRosen will partake in is Dev’s agreement with Intrinsic Capital Jersey Limited ("ICJL") to raise up to £10m which was announced in May 2020. This raise followed Dev’s exclusive three-year global partnership deal with Lenovo.
To date ICJL has subscribed for 40m new ordinary shares and Dev has granted ICJL a warrant to subscribe for 50m new ordinary shares at 25p which would raise £12.5 million.
As part of the aforementioned transactions, CEO, Chris Jeffries, has now entered into a call option agreement with Sitius in respect of 5 million shares held by him at a price of 25p per ordinary share. The call option agreement will be valid until 25 February 2023. The Call Option can be assigned with the prior written consent of the Board of Dev Clever.
***** Use of Funds
DEV said it plans to use the funds to support its acceleration of its stated growth strategy, including the ongoing development of the Company's marketing efforts in India in line with the rollout and implementation strategy with NISA, and to further support the Company's distribution, alongside Lenovo, in the United States, Canada and the United Kingdom.?
At this time, the Company's product had been well received in the US market and the proceeds were arranged to be used to accelerate Dev’s controlled internal growth plan in combination with capturing various complementary platform and service extensions that were likely to ‘substantially broaden and strengthen the Company's overall market offering.’
Shares in Dev have seen an over three-fold increase in the past three months. Earlier this month, it said it had delivered “a strong operational performance” for the year ending 31 October 2020 (FY20) despite significant external challenges as a result of the pandemic.
Dev’s work with technology firm Lenovo has provided it with a direct route to the global EdTech market for its careers education products, Launchyourcareer.com and VICTAR VR with the Group confirming momentum has accelerated since the start of FY21 with accounting revenue in 1Q21 alone coming in broadly the same as for the entire FY20.
Booking revenues were substantially ahead of expectations and, as a result, the Company said it expects ‘the rapid acceleration to continue’ throughout the remainder of FY21.
Makes good reading and simplifies the RNS.
Taken from another bb.
voxm
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https://www.**********.co.uk/articles/dev-clever-attracts-significant-new-investor-84652c1