This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
11 July 2024
SUBSTRATE
ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA
("Substrate AI" or the
"Company")
Fundraise
and Capital Increase
Substrate AI (AQUIS: SAI/SAI.B) is pleased to
announce that it has raised gross proceeds of €1,500,000 from
INDICO INVESTMENTS AND MANAGEMENT, S.L. ("INDICO") through the
issuance of 8,790,604 ordinary class A shares of €0.1 per share
("Class A Shares") at the prices detailed below. This equity
investment has been made under the terms of the investment
agreement dated 7 February 2024 (the "Agreement"), pursuant to the
announcements made on 9 and 13 February 2024, which was later
ratified by the Ordinary General Shareholders' Meeting held on 21
June 2024.
In addition, the Company announces that it has
raised gross proceeds of €1,000,000 from UNITED GENERAL LIMITED
("UNITED") through the issue of 6,988,120 Class A Shares each at
the price detailed below.
Of the total of the Company's new
Class A Shares:
- 2,620,545 New Shares are
issued to INDICO at an issue price of €0.1908 per share (€0.10
nominal plus €0.0908 issue premium).
- 2,893,519 New Shares are
issued to INDICO at an issue price of €0.1728 per share (€0.10
nominal plus €0.0728 issue premium).
- 3,276,540 New Shares are
issued to INDICO at an issue price of €0.1526 per share (€0.10
nominal plus €0.0526 issue premium).
- 6,988,120 New Shares are
issued TO UNITED at an issue price of €0.1431 per share (€0.10
nominal plus €0.0431 issue premium).
Following these investments, the
Company's share capital will increase by a total nominal amount of
€1,577,872.40, through the issuance of 15,778,724 new Class A
Shares ("New Class A Shares"), with a par value of €0.10 each under
the rules provided for in the Spanish Companies Act. A further
announcement will be made following completion of the capital
increase once approval by the Official Registrar of Companies in
Spain is received.
Once the deed of capital increase by
conversion is registered in the Mercantile Registry of Madrid, the
Company will apply for admission to trading of the 15,778,724 New
Class A Shares of the Company in the BME Growth segment of BME MTF
Equity and Access Segment of the AQSE Stock Exchange
where Company's shares are listed and the Company will
make further announcements in due course.
Related Party Transaction
Indico Investments and Management,
SL is considered a "Related Party" as defined under the AQSE Growth
Market Access Rulebook as a result of having been a substantial
shareholder in the 12 months before the date of the
transaction.
Having exercised reasonable care,
skill and diligence, the directors consider that the transaction is
fair and reasonable as far as the shareholders of the issuer are
concerned.
The Directors of the Company accept
responsibility for the contents of the announcement.
For further information, please
contact:
Substrate AI
|
|
Lorenzo Serratosa
Chairman
|
info@substrate.ai
|
First Sentinel Corporate
Finance
Corporate Advisors
|
|
Brian Stockbridge
|
+44 (0) 7858 888 007
|
About Substrate AI: Substrate AI is an artificial intelligence company based in
Spain that creates, buys and scales companies around AI in diverse
sectors such as fintech, agritech, energy, human resources, or
health. All of them sell products and services built on the
bio-inspired reinforced learning technology developed and patented
by Substrate AI.