TIDMPROX
RNS Number : 8230L
Proxama PLC
24 July 2017
24 July 2017
Proxama Plc
("Proxama" or the "Company")
Result of Open Offer
Result of Open Offer
On 30 June 2017, Proxama (AIM:PROX) announced details of a
Placing and Open Offer to raise a minimum of GBP3.1 million through
the issue of up to 13,652,877,197 New Ordinary Shares. The Open
Offer closed for acceptances at 11.00 a.m. on 21 July 2017.
The Company received valid acceptances in respect of
4,299,389,893 Open Offer Shares and 870,359,239 shares under the
Excess Application Facility. The total number of new shares under
the Open Offer amounted to 5,169,749,132 new Ordinary Shares which
is approximately 37.9 per cent. of the new Shares available so that
the Company has raised gross proceeds of approximately GBP1.55
million through the Open Offer. In addition to this, certain
placees have subscribed for an additional 166,666,667 of General
Placing Shares, amounting to GBP50,000.
The gross proceeds of the Placing and Open Offer comes to
approximately GBP3.1 million. Therefore, the minimum amount
required in order for the Open Offer to be completed has been
successfully reached.
As a result, the Company is now in a position to settle its
GBP2.5 million revolving credit facility with Barclays and its loan
note with White Angle. Proxama will now continue its transition to
a location intelligence business, using its mobile location data to
scale existing data and audience products and launch new
attribution and verification products.
The Placing and Open Offer remain conditional, inter alia, upon
the Resolutions being passed at the General Meeting to be held at
9.15 a.m. on 24 July 2017 and Admission. Proxama expects to
announce the results of the General Meeting as soon as practicable
on 24 July 2017 after the meeting concludes.
Subject to the passing of the Resolutions at the General
Meeting, it is expected that admission of the 181,800,000 VCT
Placing Shares and 185,701,733 EIS Open Offer Shares will become
effective at 08:00 A.M. on 25 July 2017 ("First Admission"). The
Circular published by the Company on 30 June 2017 stated that
166,666,666 EIS Placing Shares would be admitted on 25 July 2017.
The placees in respect of these shares have requested that they
receive General Placing Shares instead, and this number has
therefore been included in the General Placing Shares figure below
and no EIS Placing Shares will be issued.
Admission of the 1,000,000,000 Conversion Shares, 4,984,866,667
General Placing Shares and 4,984,047,399 Open Offer Shares to be
admitted to trading on AIM is expected to become effective at 08:00
A.M. on 26 July 2017 ("Second Admission").
Barclays Warrants
As announced on 30 June 2017, having raised the minimum of
GBP3.1 million under the Fundraising, Barclays has irrevocably
agreed to the settlement of the Barclays Facility and will receive
from the Company a cash payment of GBP375,000 and Barclays Warrants
of 5,863,021,931.
Darwin Warrants
As announced on 30 June 2017, pursuant to the Darwin Warrant
Instrument and as a consequence of the Fundraising and the issue of
the Barclays Warrants, the exercise price of the Darwin Warrants
shall be revised downwards to GBP0.001692 and the number of Darwin
Warrants shall increase to 558,352,249 representing approximately
4.1% of the Enlarged Share Capital, in each case effective from
Admission.
Unless otherwise defined in this announcement, defined terms
used have the meaning given to them in the Circular posted to
Shareholders on 30 June 2017.
Proxama's Group CEO, John Kennedy, said:
"I would like to thank our shareholders for supporting us with
the funds we need to settle our debt arrangements, and accelerate
our transition toward mobile location and intelligence data.
In recent weeks, we have significantly increased our access to
audience data. The larger the mobile consumer audience that we have
access to, the more data the Company can collect, the more value
our platform can add, and therefore the more that we can charge and
sell in order to grow revenues.
I am excited for the future direction of this business, and look
forward to rewarding our shareholders for their support."
The announcement contains information which, prior to its
disclosure, was inside information for the purposes of the Market
Abuse Regulation.
Enquiries:
Proxama PLC Via Redleaf
John Kennedy
Peel Hunt LLP
(Nominated Adviser and Broker)
Richard Kauffer/Euan Brown 020 7418 8900
Redleaf Communications
Charlie Geller/Elise Palmer/Sam Modlin 020 7382 4769
This information is provided by RNS
The company news service from the London Stock Exchange
END
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