21st Mar 2022 10:07
(Alliance News) - Tintra PLC shares jumped on Monday after the firm received subscription agreements for a further USD2.0 million under its current funding round.
Shares were trading 21% higher to 241.00 pence each on Monday morning in London.
The Windsor, Berkshire-based financial technology company said the subscription consists of two USD1.0 million investments by two separate limited liability companies. They are for two equal commitments of 148,511 shares priced at 504 pence each.
Tintra said that the subscription was from the family of a private investor, who earlier this month subscribed for 37,128 new ordinary shares priced at 504p each, raising USD250,000. This brings the family's total investment in the company to USD2.3 million.
The subscriptions are part of Tintra's fundraising plans that were laid out on November 4. The firm aims to raise a total of USD10 million with several other subscriptions.
The funds due under these subscriptions are expected to be received within 30 days.
"This investment from the family of a renowned New York-based private equity professional is perhaps the strongest validation we have yet received of the substance and future of our model and execution plans," Chief Executive Richard Shearer said.
By Abby Amoakuh; [email protected]
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