Business
Investment in Alteration Earth PLC
Investment in Alteration Earth PLC.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7420P\n Primorus Investments PLC\n 21 October 2021\n \n \n \n \n Primorus\n \n Investments\n \n plc\n \n \n \n (\"Primorus\"\n \n or\n \n the\n \n \"Company\")\n \n \n \n \n \n Investment in Alteration Earth PLC\n \n \n Primorus Investments plc (AIM: PRIM) is pleased to announce it has agreed to invest up to £350,000 in Alteration Earth PLC (\"ALTE\"), a recently established special purpose acquisition company (\"SPAC\") (the \"Investment\").\n \n The Investment is being made in two parts, a seed round (the \"Seed Round\") and a subscription round (the \"Subscription Round\"). The Seed Round will be funded at 4p per ordinary share and the Subscription Round will be funded at 10p per ordinary share. Assuming both rounds are fully subscribed, Primorus will hold 5,000,000 ordinary shares as follows:\n \n · 2,500,000 shares at 4p per share in the seed round (for a total of £100,000); and\n \n · 2,500,000 shares at 10p per share in the subscription round (for a total of £250,000).\n \n The Investment will represent an approximate ownership of 28% of the issued share capital of ALTE assuming both the Seed Round and Subscription Round are fully subscribed.\n \n The Subscription Round is conditional on the admission of ALTE's share capital to the Standard Segment of the Main Market of the London Stock Exchange on or before 31 December 2021 (\"Admission\"). The subscription monies will be held in escrow on behalf of the investors until such time as Admission takes place, or will be returned to the investors if Admission does not take place before 31 December 2021.\n \n In addition to the above, Primorus has been granted 1,800,000 warrants to subscribe for new ordinary shares in ALTE, with a strike price at par value (0.1p), at any time up to the fifth anniversary of the date of grant. The warrants have been awarded to Primorus because it has agreed to underwrite the cost, up to a maximum of £150,000, of ALTE obtaining Admission as described above.\n \n If Admission does not occur by 31 December 2021, the Subscription Round will not proceed, and all Subscription Round funds delivered by Primorus pursuant to this agreement will be returned to it, without interest, less the costs incurred by ALTE pursuant to t...