Primorus Investments plc
("Primorus" or the "Company")
Investment in Interpac Ltd
Primorus Investments plc (AIM: PRIM) is pleased to announce it has invested £250,000 into Interpac Ltd ("Interpac"). Interpac was founded in 2013 to create a new corrugation process for the manufacture of cardboard which is more cost-efficient and environmentally friendly than current manufacturing processes.
Primorus has subscribed for 42,735 shares at a price of £5.85 per share, from the Company's existing cash resources. This investment equates to a 3.95% undiluted shareholding in Interpac (3.35% share option diluted shareholding). Primorus will also have the right to nominate Hedley Clark, Non-Executive Director of the Company, to be appointed as a Non-Executive Director of Interpac.
The funds will initially be used to complete the manufacture of the first two production units, which includes build costs and one-off design costs to finalise the first commercial units. Other uses of funds will be to expand the Interpac team, both to support the existing management team with the operational aspects of the business, and to roll out the sales and marketing strategy planned for gaining further commercial traction.
This investment is the final tranche of a wider 2022 investment round, which will bring the total investment to more than £3million for the round.
For more information about Interpac please visit their website: https://www.inter-pac.co.uk/about-us/
Hedley Clark, Non-Executive Director of Primorus, has also invested £100,000 into Interpac. This investment equates to a 1.58% undiluted shareholding in the company (1.34% share option diluted shareholding).
In the year ended 30th November 2021, Interpac had turnover of £0 and made a loss of £135,325. Primorus looks forward to Interpac successfully deploying the capital raised to support the production targets it has set for its business.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
| Primorus Investments plc Matthew Beardmore, Chief Executive Officer |
+44 (0)20 8154 7907
|
| Nominated Adviser Cairn Financial Advisers LLP James Caithie / Sandy Jamieson |
+44 (0) 20 7213 0880 |
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