Business
Fundraising, Issue of Equity, RPTs and TVR
Fundraising, Issue of Equity, RPTs and TVR.
About this update from Fiinu Plc
[{"type":"text","content":"\n \n \n 15 March 2023\n \n \n \n Fiinu Plc\n \n \n \n (\"Fiinu\", the \"Company\" or the \"Group\")\n \n \n \n Fundraising, Issue of Equity, Related Party Transactions and TVR\n \n \n \n Fiinu (AIM: BANK), a fintech company including the fully owned Fiinu Bank Limited, creator of the Plugin Overdraft®, announces that it has conditionally raised up to £6.49 million, before costs, (\"Fundraising\") in new equity funding (\"New Ordinary Shares\") subject, inter alia, to admission of the New Ordinary Shares to trading on the AIM Market of the London Stock Exchange (\"Admission\").\n \n \n \n \n \n This Fundraising is split into three components:\n \n \n \n \n \n ·\n An immediate subscription (\"Subscription\") of 3,846,155 New Ordinary Shares at an issue price of 13 pence per New Ordinary Share to new and existing shareholders to raise approximately £0.5 million;\n \n \n \n \n \n ·\n The proposed conversion of the existing £2.49 million loan facility with Dewscope Limited (\"Dewscope\") (\"Dewscope Loan\"), of which £1.99 million remains undrawn, into up to 19,153,847 New Ordinary Shares, at a price of 13 pence per New Ordinary Share. This conversion, which is by way of a further agreement with Dewscope entered into on 14 March 2023, is expected to occur in tranches following draw down, at the Company's option, between now and the end of June 2023; and\n \n \n \n \n \n ·\n £3.5 million draw down from a new three year share subscription facility agreement (\"Subscription Facility\"), with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (together \"GEM\"), which has a total maximum draw down potential of up to £40.0 million, at a price per New Ordinary Share determined on the date of subscription, but with a condition in respect of this initial £3.5 million draw down that the issue price must not fall below 10p per New Ordinary Share, therefore the maximum number of New Ordinary Shares that could be issued to GEM pursuant to the initial draw down is 35,000,000. It is expected that this issue of New Ordinary Shares to GEM and Admission, will take place in early May 2023.\n \n \n \n \n \n The New Ordinary Shares issued in respect of the Subscription and conversion of the Dewscope Loan will be issued with new three-year warrants (\"Warrants\") that are exercisable at 20 pence per share in...