ORE Orogen

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

28 April 2021

DiscovOre plc

AQSE: ORE

(“DiscovOre” or the “Company”)

£3,500,000 Fundraise,  Proposed Psychedelic Medicines Investment Strategy,

Board Changes

Particulars of the RIS Announcment

1. £3,500,000 Fundraise
2. Board Appointment and Resignation
3. Proposed General Meeting: new Investment Strategy proposed to create the UK’s first quoted investment vehicle focusing on investing into the emerging healthcare sector of psychedelic medicines
4. Director’s Statement
5. Admission & Total Voting Rights

        
        1. £3,500,000 Fundraise

The Company announces that it has raised gross proceeds of £3,500,000 through the placing of 175,000,000 Ordinary Shares of £0.0001 each, at a price of 2p (£0.02p) per share (the “Placing”). The Placing was conducted with a range of existing and new investors led by the entrepreneur Chris Akers.

Peterhouse Capital has acted as sole corporate broker to the Placing.

Related Party Disclosure

The participation of Burns Singh Tennent-Bhohi in the Placing constitute a related party transaction under Rule 4.6 of the AQSE Growth Market Access Rulebook.

Upon admission the shareholdings of the above shall be as follows:

        2. Board Appointment

The Company also announces the appointment of Narisha Ragoonanthun to the Board of DiscovOre plc as Chief Financial Officer with immediate effect.

Mrs Ragoonanthun is a South African qualified, Chartered Accountant who has extensive experience providing audit and accounting advice to listed clientele in Europe, Asia and the Americas. She also has a specific industry experience with public sector, natural resources, online-gaming and start-up organisations. 

Mrs Ragoonanthun has no interest in the issued share capital of the Company.

Except as set out above, there is no further information regarding Narisha Ragoonanthun, that is required to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

The Company announces that Jeremy Ross, non-executive director, of the Comanny has also resigned with immediate effect. The Company would like to thank Jeremy for his input.

Subject to the approval of shareholders at the forthcoming General Meeting to change the Company’s investment strategy, it is expected that further changes will be made to the Board to better reflect the new direction of the Company.

        3. General Meeting

In light of the fundraise and investor sentiment, the Company has taken a decision that it is in the best interest of shareholders to call a general meeting to approve a new investment strategy, in the medical psychedelic industry.

The primary focus of this proposed new investment strategy will be to invest into businesses or assets involved in the development of potential treatments for mental health issues which include, but are not limited to:

1) Drug-resistant depression

2) Anxiety

3) Addiction and

4) Post-Traumatic Stress Disorder

A further announcement will be made in due course, in conjunction with posting a general meeting circular to shareholders.

In addition to seeking shareholder consent, the Company may be required to receive legal advice to ensure that the Company undertakes bona fide and legal investing activities within the medical psychedelic sector.

        4. Burns Singh Tennent-Bhohi, Director Statement

“I would like to take the opportunity to thank all that participated in this fundraise and welcome all new investors that took part.

At the company’s last Annual General Meeting, we sought the consent of shareholders to broaden our investment policy to include special situations. In light of this, the company has been active in considering opportunities and sectors that the Board believe will not only create value for shareholders but also generate wider market interest through establishing investments in industries that have limited direct market access such as medical psychedelics.

The announcement and financing today demonstrates the demand for such opportunity and I look forward to providing further updates as to the company’s developments.

I would also like to thank Jeremy for his time as a Director of the company and wish him well with his current corporate roles.”

        5. Admission & Total Voting Rights

Application will be made for the Placing Shares to be admitted to trading on AQSE Growth Market Exchange and this is expected to occur on or around 5 May 2021.

Enlarged Voting Rights

Following the admission of the Placing Shares, DiscovOre plc issued ordinary share capital shall consist of, 210,556,549 ordinary shares of 0.0001 pence each. This number represents the total voting rights in the Company, and following admission, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s (“FCA”) Disclosure & Transparency Rules. The Placing Shares shall rank pari passu in all respects with the existing ordinary shares of the company.

DiscovOre plc,
London, 28^th April 2021

The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.

Enquiries

Company:
Burns Singh Tennent-Bhohi (Director)
Conrad Windham (Director)
info@discovoreplc.com
Direct Office Line: +44 (0) 20 3778 0755

Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Mark Anwyl
Telephone: +44 (0) 20 7220 9796