TIDMCTEA
RNS Number : 2422K
Catenae Innovation PLC
20 April 2020
20 April 2020
Catenae Innovation PLC
("Catenae", or the "Company")
Conditional Placing to raise GBP320,000 and Update
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, today announces that it has
conditionally raised gross proceeds of GBP320,000 by placing
32,000,000 new ordinary shares ("Placing Shares") at a price of 1p
per share (the "Placing").
The holders of the Placing Shares will receive warrants to
subscribe for a further ordinary share in the Company for every 2
Placing Shares held, which may be exercised at a price of 1.25p per
share. The warrants may be exercised at anytime up to 2 years
following the date the Placing Shares are admitted to trading on
AIM.
The Placing has been conducted through Brandon Hill Capital
Limited, the Company's broker, at the mid-price as of the close of
Friday 17 April 2020.
The net proceeds of the Placing will provide the Company with
additional working capital headroom to progress its activities.
As the Company does not currently have authority to issue shares
for cash on a non-pre-emptive basis the Placing is conditional on
shareholders approving resolutions granting such authorities at a
General Meeting of the Company which will shortly be convened.
A further announcement providing details of the timing of the
proposed General Meeting and the admission of the Placing Shares to
trading on AIM will be made in due course.
Update
On the 26 March 2020 the Company announced a loan facility
agreement with B.T.I.C. Limited for an amount of GBP150,000 to be
used for general working capital purposes which would provide the
Company with sufficient working capital until at least 30 June
2020. Prior to this date the Company had notified the market that
its working capital position was weak and it was required to raise
further funding.
As a result of the impact of Covid-19 situation, on 31 March
2020 the Company was granted an extension by AIM Regulation to
delay the deadline for posting its annual report and accounts until
30 June 2020.
The Company announced on 17 April 2020 that it had joined a
consortium led Z/Yen Group with the objective of building a GDPR
compliant identity documentation exchange system, "Cov-ID", to
record an individual's Covid-19 test status.
The announcement noted that the Cov-ID Project Technical
mobilisation should occur over the next 2 week period, with a
prototype, testing and finalisation stage occurring in the
following 2 week period. Further updates will be made by the
Company
As noted in that announcement, there is no guarantee that the
Cov-ID product will be finalised nor that the project will enter
into the commercialisation stage, nor that in the event that it is
commercialised, that the commercial terms will be favourable to the
Company.
Total Voting Rights
At the time of this announcement, the Company's total issued
share capital is 107,236,017 ordinary shares of 0.2p each.
The above figures may be used by shareholders as the denominator
for 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 Disclosure and Transparency rules.
Guy Meyer, Interim Chief Executive Officer, Catenae, said: "We
are pleased to have raised this funding. This additional working
capital will enable us to progress the recently announced
involvement in the Cov-ID Project and also further develop our
propriety technology, which is currently deployed across the
Sporting, Man-Guarding and Facilities Management sectors."
- Ends -
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Interim Chief Executive Officer of the Company.
For further information please contact:
Catenae Innovation PLC +44 (0)191 580 8545
Guy Meyer, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray
Jo Turner +44 (0)20 7213 0880
Brandon Hill Capital Limited, Broker +44 (0)20 3463 5000
Andy Gutmann +44 (0)78796 8313
Yellow Jersey PR (PR & IR) +44 (0)20 3004 9512
Sarah Hollins
Annabel Atkins
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
April 20, 2020 10:32 ET (14:32 GMT)
Catenae Innovation (LSE:CTEA)
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