Result of Placing and Notice of General Meeting

TruFin is pleased to announce that, following the announcement made yesterday, it has received strong demand from institutional investors, resulting in an oversubscribed book of demand, and it has successfully placed 10,666,666 new ordinary shares (the “Placing Shares”) at a price of 75 pence per share, raising gross proceeds of £8.0 million under the Placing.

Liberum Capital Limited (“Liberum”) acted as Nominated Adviser and Sole Bookrunner on the oversubscribed Placing.

James van den Bergh, Chief Executive Officer of TruFin, commented:

“This is an exciting time for the Group with great progress being made across all of our subsidiaries. In particular the placing proceeds will be invested in Satago and Playstack to fund growth and help fund the Group through to profitability. We are delighted our shareholders have supported us in this oversubscribed placing, with the Open Offer to follow, and we look forward to updating further on the Group’s progress throughout the year.”

Related Party Transaction

Watrium AS (“Watrium”) is a related party of the Company as it is a substantial shareholder in the Company (in accordance with the definitions of the AIM Rules) and therefore its participation in the Placing is considered a related party transaction for the purposes of the AIM Rules. Watrium has agreed to subscribe for 4,666,666 as part of the Placing.

The Directors (other than Anders Wilhelmsen, being a representative of Watrium on the Board), having consulted with the Company's Nominated Adviser, Liberum, consider that the terms of Watrium’s participation in the Placing are fair and reasonable insofar as the shareholders of the Company are concerned.

Open Offer

As announced yesterday, the Company also intends to raise up to approximately £2.0 million through the issue of up to 2,694,073 new Ordinary Shares pursuant to the Open Offer (the “Open Offer Shares”), to allow Shareholders, including those who are not participating in the Placing, to subscribe for new Ordinary Shares at the Issue Price.

The terms and conditions of the Open Offer will be set out in the Circular, which will be posted on 24 March 2022 and which will also be made available on the Company's website at https://trufin.com/ shortly following posting.

Circular and Meeting

Completion of the Placing and Open Offer will be conditional upon, inter alia, the approval by Shareholders of the resolutions to be proposed at a General Meeting of the Company. Notice of the General Meeting will be set out in the Circular. The General Meeting will be held at 9.00 a.m. on 11 April 2022 at the offices of Travers Smith LLP, 10 Snow Hill, London EC1A 2AL.

Admission

Application will be made to London Stock Exchange plc for the Placing Shares and the Open Offer Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares and the Open Offer Shares will commence at 8.00 a.m. on 12 April 2022 (being the business day following the General Meeting), subject to the Resolutions being passed at the General Meeting.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the ‘Placing and Open Offer to raise up to approximately £10 million’ announcement released by the Company on 22 March 2022.

Full RNS can be found here.