(Alliance News) - Tintra PLC on Monday announced it has a raised a total of USD3 million from two subscriptions priced at a significant premium to its current share price.
The Windsor-based banking technology company's share price more than doubled to 140.00 pence each on Monday morning in London.
Two investors have committed to subscriptions of USD1 million and USD2 million, priced at 504 pence per new share.
The USD1 million subscription of 148,511 new shares comes from an entity controlled by the US-based family office of Omar Mangalji, a member of the Canadian Mangalji family. The offer is unconditional and will be used for the development of Tintra's fintech payments business, and as general working capital.
The USD2 million subscription of 297,022 new shares comes from a Gulf-based investor. The deal is conditional on Tintra's divestiture of its lottery administration business by April 1, which is also the long-term stop date for the subscription.
Tintra expects the sale of its lottery administration business to be complete by the end of its financial year, on January 31, 2022. It will then shift focus solely to regulatory technology activities and its AI joint venture, Finsensr.
Should the banking technology company close the funding round at its target of USD10 million, its valuation at the subscription price would be USD100 million. The USD3 million subscriptions would constitute 3% of the company's ordinary shares on the successful completion of the round.
Tintra Chief Executive Officer Richard Shearer, said: "I am delighted to be announcing the first tranche of our first funding round. Both of our new funding partners are sophisticated investors and this nod of support in what we are building, and its potential is a very rewarding feeling. Both of our two current banking applications in development are tracking better than expected and are on target to be completed on time."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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