Business
Placing to raise up to £6.0 million
Placing to raise up to £6.0 million.
About this update from Crimson Tide Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3336U\n Crimson Tide PLC\n 01 April 2021\n \n \n \n \n THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, DISTRIBUTION, OR FORWARDING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.\n \n \n PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\n \n \n \n \n \n \n \n \n \n \n \n 1 April 2021\n \n \n Crimson Tide plc\n \n \n (\"Crimson Tide\" or the \"Company\")\n \n \n Placing to raise up to £6.0 million\n \n \n \n \n \n Crimson Tide ( AIM: TIDE), the provider of the mpro5 mobile platform, announces a proposed Placing to raise up to £6.0 million at a price per share of 3.0 pence (\"Issue Price\") and the proposed sale of up to 50,200,000 Sale Shares are the Issue Price on behalf of the Selling Shareholders (together with the Placing, the \"Placing and Sale\"). \n \n \n \n \n \n The Directors intend to use the net proceeds of the Placing to further develop the Company's core mpro5 platform and to develop an application based version of mpro5 aimed at micro sized businesses. Proceeds will also be invested in the Company's marketing capability, including in particular the go to market partner channel and expanding the Company's presence in the Healthcare sector.\n \n \n \n \n \n The Placing and Sale is conditional, amongst other matters, on the passing of the Resolutions at the General Meeting, Admission becoming effective by no later than 8.00 a.m. on 23 April 2021 (or such later time and/or date, being no later than 8.00 a.m. on 21 May 2021, as finnCap may agree) and the Placing Agreement between the Company and finnCap becoming unconditional and not being terminated prior t...