Primorus Investments PLC WeShop Update (3341X)
August 27 2020 - 4:40AM
UK Regulatory
TIDMPRIM
RNS Number : 3341X
Primorus Investments PLC
27 August 2020
Primorus Investments plc
("Primorus" or the "Company")
WeShop Limited Update
Primorus Investments plc (AIM: PRIM, AQSE: PRIM) is pleased to
provide the following update which it has received regarding its
current investment in WeShop Limited ("WeShop") in which Primorus
currently has an investment of GBP875,000.
WeShop Update
Highlights include:
-- GBP9,000,000 fundraise completed through the issue of a
convertible loan note
-- Option granted for a further GBP2,777,777 cash investment
-- Board changes including appointment of Yoav Keren, CEO of
BrandShield, to the Board.
Financing
The Convertible Loan Note:
WeShop has announced that terms have been agreed, and completion
happened on a GBP9,000,000 convertible loan note. The terms of the
loan note are:
-- Interest rate of 8% per annum for a 36-month period
-- Unsecured from any debenture
-- Conversion triggers which include an IPO, an exit or further
funding rounds
-- Conversion would occur at a 20% discount to the price of the
conversion event
Option to acquire 10% for GBP2,777,777
The lead investor on the convertible loan note has also taken a
6-month option whereby it allows them to invest a further
GBP2,777,777 into the business at a GBP25m valuation as equity
which would give them a 10% stake in WeShop. Details of the Lead
investor shall be released in the coming days.
WeShop Board Changes;
On the 13 August, Yoav Keren was appointed to the board of
WeShop as Non-Executive Director. Yoav is the founder and CEO of
Brandshield. BrandShield is an online threat hunting company,
specialized in monitoring, detection and removal of online threats
such as phishing attempts, executive impersonation, counterfeit
products, trademark infringements and more. BrandShield was
established to revolutionize the way companies can protect their
digital assets outside their security perimeter.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3657 0050
Turner Pope Investments
Andy Thacker / Zoe Alexander
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