(Alliance News) - Tintra PLC shares have soared on Monday, after it announced it expects to secure USD1 million in cleared funds this week, as part of its funding round.
The Windsor-based banking technology company's share price soared by 25% to 300.00 pence each in London on midday Monday. The price is up more than five-fold since the start of 2022.
The funds will be a subscription settlement of 148,511 new ordinary shares. Tintra expects the shares to be admitted to AIM next week, following the receipt of cleared funds this week.
The USD1 million was the first of two subscriptions in its USD10 million target for its funding round. The amount comes from Cap-Meridian Ventures Ltd, a global investment arm of Omar Mangalji and the Canadian Mangalji family. It will be used for the development of Tintra's fintech payments business, and as general working capital.
Tintra is also awaiting a USD2 million subscription from a Gulf-based investor, conditional on the sale of its lottery administration business, likely to be completed at the end of the month.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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