CIP.L Regulatory News (CIP)

21 November 2019

CIP MERCHANT CAPITAL LIMITED

("CIP Merchant Capital" or the "Company")

Further Investment in Brave Bison Group plc

CIP Merchant Capital is pleased to announce that it has made a further investment in Brave Bison Group plc (AIM: BBSN) ("Brave Bison"), a social video company quoted on AIM market of the London Stock Exchange. The Company has acquired a further 28,013,857 ordinary shares of 0.1p each in Brave Bison ("Bison Shares") for a consideration of, in aggregate, approximately £396k and now holds 71,846,407 Bison Shares, representing approximately 11.7 per cent. of Brave Bison's issued share capital.

Brave Bison, in the year ended 31 December 2018, had revenues of £21.2 million (£10.1 million in the first half of 2019), gross profit of £6.5 million (£3.4 million in the first half of 2019), Adjusted EBITDA[1] of £0.8 million (£0.25 million in the first half of 2019) and a net loss attributable to its shareholders of £70,000 (£1.1 million in the first half of 2019). As of 30 June 2019, Brave Bison had cash and cash equivalents of £3.7 million and net assets of £4.3 million. Currently, Brave Bison has a market capitalisation of approximately £7.8 million.

[1] Adjusted EBITDA is earnings before interest, taxes, depreciation and amortisation and excludes restructuring costs and share-based payments.

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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.