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
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