RE: And Lastly16 Jul 2020 13:29
Conditional right to subscribe for up to 100 million ordinary shares at 10.0p per share
Dev Clever, a leading developer of mobile and immersive experiences, is pleased to announce that it has entered into an agreement with Intrinsic Capital Jersey Limited ("Intrinsic" or the "Investor"), raising up to £10.0m gross (£9.7m net), by way of grant to Intrinsic of a right to subscribe for up to 100 million new ordinary shares of the Company ("Subscription Shares") at 10.0 pence per ordinary share.
Summary of the transaction
The transaction is conditional upon publication by the Company of a prospectus by 31 August 2020. Subject to the condition having been satisfied, the Investor will have a right to subscribe ("Subscription Right") for the Subscription Shares at 10.0 pence per Subscription Share in the following tranches:
· 20 million Subscription Shares on or before 30 June 2020 or the date on which the Company publishes its prospectus (whichever is later);
· 20 million Subscription Shares on or before 31 October 2020;
· 20 million Subscription Shares on or before 28 February 2021; and
· 40 million Subscription Shares on or before 30 June 2021.