Cancellation of Warrants

Two Shields Investments Plc / EPIC: TSI / Market: AIM

22 May 2019

Two Shields Investments Plc

("TSI" or the "Company")

Cancellation of Warrants

Two Shields, the AIM-quoted investing company with a strategy to build a high quality portfolio of investments in fast growing and scalable digital and technology enabled businesses, announces that it has cancelled 250,000,000 warrants issued to Cobalt Blue Associates Inc (CBA). This cancellation has been formally agreed by CBA.

TSI announced on 30 November 2017 that 250,000,000 "Second Consideration Warrants" had been issued to CBA. These warrants, which carried the right to subscribe for one share in TSI at a price of 0.65p, would become exercisable once a total of 5 cobalt exploration licences in Cameroon had been granted to Cobalt Blue Holdings (CBH) and its subsidiaries. Due to the acquisition of CBH by African Battery Minerals plc, which was announced on 3 September 2018, there is no circumstance under which the conditions can be met for these warrants to become exercisable.

This does not affect the 300,000,000 "First Consideration Warrants" held by CBA that became exercisable following confirmation that the Cameroon Ministry of Mines had granted the first three cobalt licences to CBH, as announced by RNS on 21 February 2018.

Following this cancellation the Company's issued share capital comprises 2,361,596,558 Ordinary Shares, In addition there are 1,348,714,286 warrants and options outstanding. Further details are available on the Company's website www.twoshields.co.uk

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (eu) 596/2014.

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For further information please visit https://twoshields.co.uk/ or contact:

Notes to Editors:

Two Shields Investments plc, the AIM quoted investment company with a strategy to build a portfolio of high-quality investments in fast growing, scalable digital and technology enabled businesses, including those in the cyber security, e-commerce services and consumer sectors. The Company has appointed an experienced Board of Directors with a proven pedigree in the origination, acquisition, development & sale of projects and creating value for shareholders. The investment mandate covers unquoted and quoted businesses, as well as direct project investment. Where appropriate the Board will apply its extensive combined experience to directly support investee businesses achieve their growth potential.