(Alliance News) - Tintra PLC on Friday said it has entered into a new subscription agreement for USD2.0 million, under its funding round announced in November.
Tintra shares rose 23% to 148.00 pence each in London on Friday afternoon.
The Windsor, Berkshire-based firm building banking and infrastructure technology systems said the subscription will be made through a new special purpose vehicle being established by a Gulf-based investor.
The company said it previously agreed with the Gulf-based investor for them to subscribe to new ordinary shares in the company, but the subscription expired after the passing of the long-stop date in April 2022. However, following a presentation to the investor, and others, in November, the company confirmed that a new investment will be made.
The company said the funds due under the subscription will be received within 45 days, in order to establish the SPV.
The subscription is for 141,483 new shares, priced at 1178.00 pence per share. For each two shares purchased under the subscription, the investor will receive one warrant to subscribe to shares at 504.00p per share for a five-year period.
Chief Executive Officer Richard Shearer said: "We continue to make headway in the funding round, both with conversations that have been ongoing for some time and with new conversations starting. We have strategically now broadened the geographic footprint of our funding discussions in line with both macro-economic realities and the advancing nature of the Puerto Rico IFE application.
"As such we are now for the first time in funding discussions in Latin America over the past few weeks from where we hope the next amounts to come from."
By Harvey Dorset, Alliance News reporter
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