The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF | FRA: 3M8), a London listed technology company, announces that 3,452,086 new Ordinary Shares have been placed from the current tranche.
The proceeds of the 3,452,086 new Ordinary Shares are £7,626,129 (before expenses), equivalent to approximately £2.21 per share, and the Company will receive approximately 97% of the proceeds as settlement early this week. The shares were placed in line with the Subscription Agreement, over a 2-week period, between 28 July and 08 August with no shares being placed on some days.
It is expected that once the current tranche is complete (4,490,000 new Ordinary Shares are not yet placed) that a new Subscription Agreement will be signed. All terms of the proposed new Subscription Agreement are expected to remain the same as the current Subscription Agreement as the Company believes that the current Subscription Agreement has been beneficial to the Company.
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