ADVFN Regulatory News (AFN)

For immediate release

14 March 2023

ADVFN plc

("ADVFN" or the ''Company'')

Further equity issue under the Open Offer

The Board of ADVFN is pleased to announce that further to the announcement on 6 January 2023 of the results of the Open Offer, the Company has today conditionally raised further gross proceeds of approximately £1.97 million before expenses through the issue of a further 5,981,059 new Open Offer Shares and 1,993,686 Open Offer Warrants at an Issue Price of 33 pence per Open Offer Share ("Subscription"). Of the total £1.97 million raised, approximately £1.42 million has been raised from new investors with the balance from Amit Tauman and Yair Tauman.

Amit Tauman, Chief Executive, said:

"On behalf of the board of Directors, I am delighted to report this additional fundraising which will provide us with additional resources to pursue our strategic objectives and drive growth. In aggregate, through the Open Offer and the Subscription announced today, the Company has now raised a total of £6.49 million and we are very grateful to our investors for their confidence in our ability to execute on our mission and deliver value to our customers. We look forward to updating shareholders in due course."

Background

On 6 December 2022, ADVFN announced a proposed equity fundraise of up to approximately £6.82 million, before expenses, through an Open Offer pursuant to which Qualifying Shareholders were able to subscribe at an Issue Price of 33 pence per Open Offer Share for an aggregate of up to 20,676,322 Open Offer Shares.

On 6 January 2023, ADVFN announced that, following the scaling back of applications to comply with the provisions of sections 181 and 182 of FSMA, a total of 13,708,380 new Ordinary Shares and 4,569,437 Open Offer Warrants were issued in connection with the Open Offer, raising a total of £4.52 million. Amit Tauman and Yair Tauman's applications for Open Offer Shares had been scaled back pending FCA Approval with the issue of the balance of their applications conditional upon the Financial Conduct Authority ("FCA") approving that Amit Tauman, together with his father Yair Tauman, could hold up to 29.9 per cent. of the Company's issued share capital (the "FCA Approval").

The Company announced on 10 January 2023 that FCA Approval had been received and the outstanding Open Offer Shares could now be issued to Amit Tauman and Yair Tauman pursuant to their applications under the Open Offer, and that the Company was also in discussions with new investors who had indicated an interest in subscribing on the same terms as the Open Offer for the balance of the Open Offer Shares.

Further equity issue under the Open Offer

Following receipt of FCA Approval, the Company has therefore today issued to Amit Tauman the balance of 1,057,576 Open Offer Shares (together with 352,525 Open Offer Warrants) subscribed by him under the Open Offer at the Issue price of 33 pence per Open Offer Share.

The Company has also today issued 606,061 Open Offer Shares (together with 202,020 Open Offer Warrants) to Yair Tauman (whose application has been reduced by 451,515 Open Offer Shares), and a further 4,317,422 Open Offer Shares (together with 1,439,141 Open Offer Warrants) to new investors, all at the Issue price of 33 pence per Open Offer Share.

Accordingly, the Company has issued today a total of 5,981,058 new Ordinary Shares and 1,993,686 Open Offer Warrants , raising a further £1.97 million before expenses. A balance of 986,884 Open Offer Shares remains available to be issued.

The proceeds of the Subscription will be used by the Company as set out in the circular issued on 6 December 2022 ("Circular") and in particular, to develop a more comprehensive offering of products, content, marketing and international expansion to new strategic territories as well as to provide additional general working capital.

AIM application

Application is being made to the London Stock Exchange for 5,981,058 new Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and dealings will commence in the New Ordinary Shares at 8.00 a.m. on or around 21 March 2023. The new Ordinary Shares shall rank pari passu in all respects with all other Ordinary Shares then in issue.

Following Admission, the Company will have 46,004,757 Ordinary Shares in issue and admitted to trading on AIM.

This announcement should be read in conjunction with the full text of the Circular. All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.

A copy of this announcement is available on the Company's website, www.advfnplc.com.

For further information please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Amit Tauman, Director.

IMPORTANT NOTICES

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the FCA and is a member of the London Stock Exchange, is the Company's nominated adviser for the purposes of the AIM Rules. Beaumont Cornish is acting exclusively for the Company and will not regard any other person (whether or not a recipient of this announcement) as a client and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the contents of this document or any other matter referred to herein. Beaumont Cornish's responsibilities as the Company's nominated adviser under the AIM Rules for Nominated Advisers are owed to the London Stock Exchange and not to any other person and in particular, but without limitation, in respect of their decision to acquire Open Offer Shares or Open Offer Warrants in reliance on any part of this announcement. Beaumont Cornish has not authorised the contents of this announcement for any purpose and no liability whatsoever is accepted by Beaumont Cornish nor does it make any representation or warranty, express or implied, as to the accuracy of any information or opinion contained in this announcement or for the omission of any information. Beaumont Cornish expressly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this announcement.

Peterhouse House Capital Limited ("Peterhouse"), which is authorised and regulated in the United Kingdom by the FCA and is a member of the London Stock Exchange, is the Company's broker for the purposes of the AIM Rules. Peterhouse is acting exclusively for the Company and will not regard any other person (whether or not a recipient of this announcement) as a client and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the contents of this announcement or any other matter referred to herein. Peterhouse has not authorised the contents of this announcement for any purpose and no liability whatsoever is accepted by Peterhouse nor does it make any representation or warranty, express or implied, as to the accuracy of any information or opinion contained in this announcement or for the omission of any information. Peterhouse expressly disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this announcement.

No representation, responsibility or warranty, expressed or implied, is made by ADVFN plc, Beaumont Cornish, Peterhouse or any of their respective directors, officers, employees or agents as to any of the contents of this announcement in connection with the Open Offer or any other matter referred to in this announcement.

ENDS