by Joe Hope
Shares of Tintra Plc rose more than double in price on Monday after the company said it had raised $3 million from two subscriptions at a premium to its former share price.
Shares were up 67.5 pence at 1037 GMT, or 129% at 120.0 pence, having previously closed at 52.5 pence.
The investment-management firm said subscriptions are between $1 million and $2 million for its current round of fundraising, priced at 504 pence ($6.85) per share.
For each new share, investors receive two warrants for subscribing to new ordinary shares, conditionally at 50 pence for a period of five years.
The subscription is part of the company’s plan to raise a total of $10 million.
The company said the $1 million subscription to 148,511 new shares was unconditional and was from an entity controlled by Omar Mangalji’s US-based family office, which would be used to grow its fintech payments business and for working capital.
The second subscription was for 297,022 new ordinary shares from a strategic Gulf-based investor, and is conditional only on the company selling its lottery administration business by April 1.
After completing the sale, Tintra will focus solely on its regtech activities.
Write to Joe Hope at [email protected]