IN BRIEF: Pri0r1ty Intelligence closes funding package, agrees ATM
Pri0r1ty Intelligence Group PLC - London-based software-as-a-service company focused on AI - Says that all conditions relating to funding under the around GBP1.3 million convertible loan note agreement announced earlier in June have now been satisfied. Drawdown of funds is scheduled to occur in the next two business days. In connection with this, the company has now signed an ATM facility with Global Investment Strategy UK Ltd, through which it may raise funds through share sales carried out by GIS. The initial term of the ATM facility is 12 months. The purpose of the facility is to provide the company with a flexible mechanism to seek to issue new shares and raise capital at prevailing market prices to repay the amortisation of the CLN. Any excess proceeds beyond meeting the CLN repayments, along with the proceeds of the CLN itself, can be used to fund ongoing operations and provide the runway necessary for the business to become cash flow positive. Read More