Further Strategic Investment Under Funding Round

TINTRA PLC

 (“Tintra”, the “Group” or the “Company”)

 

Further Strategic Investment Under Funding Round

The board of directors of Tintra (the “Board”) is pleased to announce that further to the announcement of 26 November 2021,  that it has finalised a further subscription under the current funding round, raising a further US$250,000  (the “Subscription”).

 

The Subscription is for 37,128 new ordinary shares of 1 pence each in the capital of the Company (“Ordinary Shares”), priced at 504 pence per Ordinary Share, at an exchange rate of £1.00:$1.336 (the “Subscription Price”).

 

For each new Ordinary Share purchased under the Subscription, the investor will receive two warrants to subscribe for new Ordinary Shares at an exercise price of 50 pence per Ordinary Share for a period of five years, conditional on either the market capitalisation of the Company exceeding US$250m for a period of three consecutive trading days or a future funding round being concluded with a post-money valuation of US$250m or greater (the “Warrants”).

 

The Subscription is made by a private equity professional based in New York City.  This investment is part of a larger investment related to his family’s Family Office which is anticipated to subscribe to a further US$2.025m on the same terms, for which the documentation is currently in process (the “Additional Subscriptions”).

The funds to be received will be used for the continuing development of the Company’s artificial intelligence platform and regulatory licensing build alongside general working capital purposes.

The Subscription and Additional Subscription are all expected to complete and funds received during March 2022, at which point an update announcement will be made.

Richard Shearer, Tintra CEO, said, “I am extremely pleased to have on board this new partner and investor. One that shares our artificial intelligence driven vision of revolutionising how emerging markets directly benefit from financial inclusion. The family have deep private equity experience and those insights have already started to assist in our thinking. I know this is something that I will draw on, and will add value for the board and shareholders, over the coming months and years as we build out our game changing model.

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