Tern Plc (LON:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, has announced that it has raised £420,000, before expenses, through a placing of 17,500,000 new ordinary shares of 0.02p each in the Company at a price of 2.4 pence per new Ordinary Share. The Placing is conditional upon the Placing Shares being admitted to trading on AIM.
The Placing Shares will represent approximately 4.1 per cent. of the Company’s enlarged issued share capital following the Placing. The Issue Price represents a discount of approximately 30.4 per cent. to the mid-market closing price of 3.45 pence per Ordinary Share on 11 April 2024, being the latest practicable business day prior to the publication of this announcement.
The net proceeds of the Placing will be used to provide the Company with funds to invest in Wyld Networks, through the exercise of warrants held by the Company, and to invest further in one or more of Tern’s portfolio companies and for general corporate purposes. Further announcements will be made by the Company in due course as appropriate.
