
("Primorus" or the "Company")
Zuuse is a
Prior to the Transaction, Primorus held 57,205 fully paid shares in Zuuse and 1,000,000 options exercisable any time at
If the full proposed
To part fund its participation in the Transaction, the Company has sold 6,000,000 Greatland Gold PLC ("Greatland") shares at an average realised price of
Primorus retains 20,000,000 shares in Greatland with a mark-to-market value of approximately
Background to Zuuse
Zuuse is an international software provider in the construction payments and contracts management space. Under its Payapps brands in the
Zuuse's core business enjoys Annual
The main purpose of the fundraise in which Primorus and others are participating is to accelerate its ProgressPay early invoice global payment platform via the provision of a balance sheet against which the product can trade. It will also allow for the acquisition of a complementary business in
Upon closing of the Transaction (expected in the next few weeks), the Company will provide a more detailed summary of the investment and parties involved. As previous guidance when investing in the Zuuse Loan Notes in 2018,
"Shareholders will recall Primorus has invested in Zuuse before, via a Convertible Loan Note which was fully repaid in 2019 and returned some zero cost fully paid shares and 1,000,000 options exercisable at
As part of the Transaction and also as part of our commitment to realising some profits, we have sold 6,000,000 Greatland Gold shares over recent weeks. Thus far, we have recovered our entire original investment in Greatland, approximately
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information, please contact:
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+44 (0) 20 7440 0640 |
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Nominated Adviser: |
+44 (0) 20 7213 0880 |
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James Caithie / |
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Broker: |
+44 (0) 20 3657 0050 |
Turner Pope Investments (TPI) |
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