Dev Clever (LON: DEV) said Intrinsic Capital Jersey Limited (“"ICJL") has subscribed for 2.5 million new ordinary shares at a price of 10p per share, raising £250,000 before expenses.
The careers guidance developer entered into an agreement with ICJL in May 2020, raising up to £10m by way of grant to Intrinsic of a right to subscribe for up to 100 million new ordinary shares of Dev Clever ("Subscription Shares") at 10.0 pence per ordinary share.
Furthermore, Chris Jeffries, Chief Executive of DEV, has today converted £21,141 of the £400,000 convertible loan note instruments, entered into on 20 January 2020, to 2,114,069 new ordinary shares.
Application is being made for the new shares to be admitted to trading, which is expected on or around 3 August 2020. These will rank on an equal level with existing ordinary shares.
Shares in Dev Clever have continued to rise this month from 6.15p to opening at 9.55p following this announcement.
“This transaction enables us to further accelerate our growth plans in close collaboration with our clients and partners, whilst simultaneously capturing a number of opportunities that can over time substantially broaden and strengthen our overall market offering,” said CEO, Chris Jeffries at the time of the initial announcement.
He added, “We welcome Intrinsic as a new cornerstone investor and are looking forward to closely working with them to capitalise on the enormous global EdTech market opportunity"
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