Result of Broker Option

This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

6 May 2021

Location Sciences Group PLC
("Location Sciences" or the "Company")

Result of Broker Option

The Company is pleased to announce that the Broker Option was significantly oversubscribed by both existing Shareholders and non-Shareholders.  However, Turner Pope in consultation with the Company decided that it would be in the interests of the Company's Shareholders as a whole if the Broker Option was only partially exercised, taking into account inter alia the existing shareholdings of validated Shareholders who applied.  As a result, the Company has been notified by Turner Pope that it intends to exercise its Broker Option in respect of 87,500,000 new Ordinary Shares.

As announced on 4 May 2021, the Company conditionally raised a total of £3.5 million (before expenses) via a conditional Placing and a conditional Subscription.  In tandem with this, Location Sciences granted the Broker Option, which has now closed, to Turner Pope to provide the opportunity for existing Shareholders to participate in the fundraise undertaken by the Company. The details of the Placing, Subscription and Broker Option were provided in the Company's announcement of 4 May 2021 and the terms defined in that announcement have been used in this release. 

Turner Pope, the Company's Placing Agent, has determined all Broker Option Share allocations at its discretion (after consultation with the Company) and has notified counterparties of the number of Broker Option Shares they have been allocated.

As previously disclosed, the Placing and the Subscription are conditional, amongst other things, upon the approval of Shareholders at a General Meeting of the Company. The Broker Option, comprising 175,000,000 new Ordinary Shares in the Company, is also conditional upon the approval of shareholders at the General Meeting. 

The Broker Option has conditionally raised £175,000 (before expense) at a price of 0.2 pence per share through the issue of 87,500,000 new Ordinary Shares.

Admission of Placing and Broker Option Shares

Application will be made for the Broker Option Shares together with the Placing Shares, the Subscription Shares and the Fees Shares (excluding 42,500,000 Fees Shares in respect of the second year's fees of the Proposed Directors) to be admitted to trading on AIM following the approval of the Resolutions. Admission is expected to become effective by no later than 8.00 a.m. on 25 May 2021. Settlement of the Placing Shares, the Subscription Shares, the Broker Option Shares and the Fees Shares (excluding 42,500,000 Fees Shares in respect of the second year's fees of the Proposed Directors) is expected to take place within the CREST system in conjunction with Admission.

A copy of this announcement is available on the Company's website https://www.locationsciencesgroup.ai/investor-relations/rns-news-alerts/.  

For further information please contact:

Location Sciences Group PLC                                                                                                         via Milk & Honey PR

Mark Slade, Chief Executive Officer

David Rae, CFO and Commercial Director

Allenby Capital Limited (Nominated Adviser)                                                                     Tel: +44 (0)20 3328 5656

David Hart

David Worlidge

Turner Pope Investments (TPI) Ltd (Placing Agent)                                                          Tel: +44 (0)20 3657 0050

James Pope

Andy Thacker

Peterhouse Capital (Broker)                                                                                                  Tel: +44 (0) 20 7220 9791

Charles Goodfellow

Eran Zucker

Milk & Honey PR                                                                                                                         Tel: +44 (0)20 3637 7310

Kirsty Leighton

Jessica Ballinger

About Location Sciences Group PLC:

Location Sciences is the pre-eminent global location verification provider to the $160 billion digital advertising industry. Working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns.

The digital advertising market-place remains unregulated and un-monitored, with an estimated $19 billion wasted on ad-fraud in 2018. Location Sciences has developed Verify, the world's first independent location verification product. Utilising sophisticated machine learning and pattern recognition technologies, Verify detects location ad-fraud and shines a light on location data inaccuracy with the aim of bringing back integrity, transparency and trust to the market place.

Rule 26 website:  www.locationsciencesgroup.ai

Verify website:     www.locationsciences.ai

LinkedIn:               https://www.linkedin.com/company/locationsciences

Twitter:                   @LocationSci