Further re Fundraising
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
26 November 2021
("Tintra", the "Group" or the "Company")
The board of directors of Tintra (the "Board") is pleased to announce that further to the announcement of 4 November 2021 (the "Announcement"), the Company's fundraising plans are proceeding in a positive manner.
The Board has presented to certain High Net Worth Investors and Family Offices and received soft commitments for the raise that are now in negotiations to finalise terms (although there can be no assurance that these will be successfully finalised). It is the Board's plan to raise between US$10m and US$15m during the current round (the "Funding Round"), with the first tranche of at least US$5m planned to be closed by before the end of December. As set out in the Announcement, it is the Board's intention that the Funding Round will be closed at a premium to other transactions completed during 2021.
Further announcements will be made at the appropriate time.
Richard Shearer, Tintra CEO, said, "I'm pleased with the reception our model has received from investors over the last couple of months of discussion. We now have sufficient soft commitments from a number of prospects and are moving into the due diligence phase of those discussions.
The deal with TMC2 had a positive impact on closing out the final stages of the prospecting process. The fact that this is the same team whose AI inventions in Mashtraxx, which sit at the core of the multi-billion-dollar Triller app, is now focusing its incredibly impressive skillset on helping Tintra solve the RegTech gap was material in progressing some of those discussions."
For further information, contact:
020 3795 0421
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
020 3328 5656