Primorus Investments plc
("PRIM" or the "Company")
Pri0r1ty AI PLC New
Investment
Primorus Investments plc (AIM: PRIM)
is pleased to announce it has subscribed for 18,100,000 ordinary
shares in Pri0r1ty AI PLC (" Pri0r1ty"), for a total consideration
of £300,460 from the Company's existing cash resources
("Subscription"). The shares represent approximately 8.45% of the
issued share capital of Pri0r1ty
following the Subscription. The Subscription is
part of a recent £550,000 fundraise by Pri0r1ty to fund software roll
out.
As announced by Alteration Earth PLC
("ALTE") on 27 June 2024, ALTE entered non-binding heads of terms
to acquire the entire issued share capital of Pri0r1ty ("Proposed Acquisition"). The
Proposed Acquisition is subject to legal, financial and other due
diligence and entry into a legally binding share purchase agreement
("SPA"). As no binding agreement has yet been reached, there can be
no guarantee that the Proposed Acquisition will proceed to
completion.
For the year ended 2023,
Pri0r1ty made a loss
of £51,530.
In aggregate, the Company, Rupert
Labrum and Matthew Beardmore (both directors of the Company) hold
8,250,000 ordinary shares of ALTE representing approximately 45.83%
of the issued share capital of ALTE.
Daniel Gee, Chief Executive Officer and Co-Founder
of Pri0r1ty
commented "We are delighted to welcome such a well
regarded technology investor as Primorus as a shareholder. This
investment round supported by Primorus has allowed us to accelerate
our go to market strategy and expand our team with a wealth of
experience from the SaaS industry. These funds will allow us to
become revenue generating and welcome the first customers to
Pri0r1ty Advisor, our flagship product. We are excited to onboard
waiting list customers and release further product developments
ahead of our proposed admission to AIM".
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this
announcement.
For
further information please contact:
Primorus Investments plc
Matthew Beardmore, Chief Executive
Officer
+44 (0)20 8154 7907
Nominated Adviser
Cairn Financial Advisers LLP
James Caithie / Sandy
Jamieson
+44 (0)20 7213 0880
PR
Advisers to PriOr1ty:
Camarco - Marc Cohen, Emily
Hall
Pri0r1ty@camarco.co.uk
+44 7741 052 506
+44 7817 304 939