THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

16 December 2022

TINTRA PLC

 ("Tintra", the "Group" or the "Company")

Strategic Investment Under Current Funding Round

The board of directors of Tintra (the "Board") is pleased to confirm that further to the announcement of 30 November 2022 (the "Announcement"),  that it has received the subscription agreement under the current funding round for US$10,000,000 (the "Subscription").  The Subscription has been agreed with the Family Office of a Gulf-based investor.  The Subscription will be made through a new special purpose vehicle (the "SPV"). The Subscription has no conditionality, however based on earlier funding rounds taking longer to close than anticipated the funds due under the Subscription are contracted to be received within 45 days to enable the establishment of the SPV, at which point an update announcement will be made.

The Subscription is for 684,594 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares"), priced at 1178 pence per Ordinary Share, at an exchange rate of £1.00:$1.24 (the "Subscription Price").

For each two new Ordinary Shares purchased under the Subscription, the investor will receive one warrant to subscribe for new Ordinary Shares at an exercise price of 504 pence per Ordinary Share for a period of five years, conditional on either the market capitalisation of the Company exceeding US$500,000,000 for a period of three consecutive trading days or a future funding round being concluded with a post-money valuation of US$500m or greater (the "Warrants").  A total of 342,297 Warrants will be issued under the Subscription, once the funds are received.

Richard Shearer, Tintra CEO, said, "This funding round, in a deteriorating macro-economic environment, continues to move along well, if a little slower than we would like. We set out on this round with very different market conditions to those which we find ourselves now, but the continued show of support and interest in Tintra from prospective investors continues to be incredibly motivational.

Ideally I'd like lots of interest and fast pace, but to continue to have solid interest in our funding strategies with these headwinds is really rewarding internally as confirmation that the mission we collectively set out on is supported so meaningfully.  

We have revised our strategy along the way over the past few months a little to take into account this sentiment and are now speaking to a wider variety of funding partners to have a greater blend in the funding stack.

As I've said many times, my only focus is on what the Company is doing in 3 or 5 years from now, the good it has done for people across the world and the impact that has on the value of our Company. To that end we are taking the view that the more cash we can get at bank now the more future proof the build out phase is.

We have meaningful conversations underway all over the world and after a pause now for the Holidays we expect to convert those to commitments."

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