The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF | FRA: 3M8), a London listed technology company, announces that 6,057,914 new Ordinary Shares have been placed from the current tranche of 14,000,000 new Ordinary Shares.
The proceeds of the 6,057,914 new Ordinary Shares are £19,680,874 (before expenses), equivalent to approximately £3.25 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 3 week period, between 07 July and 25 July with no shares being placed on some days.
The Company has decided that an update every 2 weeks, from this announcement, would be helpful for shareholders, and enable the Company to receive funds earlier and therefore the Company now intends to announce subscription proceeds accordingly.
It is also expected that once the current tranche is complete (in total 14,000,000 new Ordinary Shares, with 7,942,086 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.
Andrew Webley, CEO of The Smarter Web Company said “We wanted to update shareholders with the current tranche, and this also enables the proceeds to be settled early this week. I would like to thank both Shard Merchant Capital and Tennyson Securities for the work to date on this innovative funding solution and look forward to reporting future proceeds.”
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