RE: Confusing17 Dec 2022 13:32
London South East
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Share Price Information for Tintra Plc (TNT)
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Share Price:
210.00
Change:
-50.00 (-19.23%)
TNT Live PriceLast checked at 13:29:55
US$10,000,000 Placement Facility
Fri, 16th Dec 2022 07:30
RNS Number : 9197J
Tintra PLC
16 December 2022
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")
16 December 2022
Tintra plc
("Tintra", the "Group" or the "Company")
US$10,000,000 Placement
The board of directors (the "Board") of Tintra, the rapidly innovating Deep Tech & Banking business, is pleased to announce the completion of a placement to Fintech Leaders Fund, LLC (the "subscriber"), a U.S.-based institutional investor, pursuant to a share placement deed (the "Deed").
The placement will initially raise US$3,000,000 as a subscription for ordinary shares with the par value of 1 pence each in the capital of the Company ("Shares") worth US$3,150,000. Following the initial subscription, Tintra will have a period of four months in which it may exercise an option to raise an additional US$2,000,000 (subject to the terms of the Deed) from the subscriber as a subscription for Shares worth 105% of the amount raised, such additional raise to be completed within six months of the initial subscription. Additional funding of up to US$5,000,000 is available at Tintra's request, with the consent of the subscriber, in subscriptions for Shares worth 105% of the amount raised. Further information regarding the placement is set out below.
The proceeds from the placement will be used by Tintra to fund the continuing development of the Company's artificial intelligence platform and regulatory licensing build, as well as for general working capital purposes.
Each subscription under the Deed will be made by the subscriber by way of prepayment for Shares to be issued at the subscriber's request within twenty-four months of the date of the subscription (the "Subscription Shares"), at the Subscription Price, subject to the Floor Price, as set out below.
The Subscription Price of the Subscription Shares will initially be equal to £5.04 per Share, representing a premium of approximately 94% to the closing price of Tintra's Shares
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