Revised Financing Arrangement

Tintra PLC

31 August 2023

 

 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")

31 August 2023

Tintra plc

("Tintra", the "Group" or the "Company")

Revised Financing Arrangement

Total Voting Rights

The board of directors (the "Board") of Tintra, the rapidly innovating Deep Tech & Banking business, is pleased to provide the following update.

Revised Funding Arrangement

The Company announced on 10 March 2023 and updated on 9 June 2023 and 11 July 2023 an investment of USD2m with a Middle Eastern investor. The Company yesterday agreed with the investor to cancel that investment and to replace that existing equity subscription agreement with a USD3m revolving finance facility (the "Facility").  The key terms of the Facility are as follows:

·    Amount - US$3,000,000

·    Term - 18 Months

·    Profit Rate - 0% for first 180 days, then 5% per annum

·    Security - First Charge over shares in Company subsidiary Tintra (Middle East) LLC

·    Effective Date - 30 August 2023

·    PurposeGeneral working capital

The Board believes that that the additional $1m in working capital will be advantageous in current market conditions and the change to a non-dilutive financing will be more appropriate for the Company at this stage of its development.

Total Voting Rights

The Company has 17,727,953 ordinary shares of 1 pence each ("Ordinary Shares") in issue, each with one voting right.  There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights is 17,727,953 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, contact:

Tintra PLC (Investor Relations) [e-mail] Website www.tintra.com	020 3795 0421
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss / Vivek Bhardwaj	020 3328 5656

This announcement is released by Tintra plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of UK MAR, encompassing information relating to the placement mentioned above. For the purposes of UK MAR, this announcement is made by Hannah Hatfield, Communications Head of Tintra plc.

 

END