Braveheart announces that on 6 November 2020 it exercised a total of 10 million options over ordinary shares in Remote Monitored Systems plc (“RMS”) at an exercise price of 0.5p per share (“the RMS Option Shares”) and an aggregate cost of £50,000.
Braveheart has been advised that application will be made by the directors of RMS for the RMS Option Shares to be admitted to trading on the AIM market and that dealings are expected to commence on or about 13 November 2020.
Braveheart also announces that on 5 and 6 November 2020, it sold a total of 120 million ordinary shares in RMS at a weighted average price of 2.6265p per share, realising gross proceeds of approximately £3.15 million. The net funds receivable by Braveheart are primarily intended to fund the COVID-19 test project, as required and assuming it continues to deliver the results necessary to justify continuing the project, being conducted by Paraytec Limited through to a point where it is ready for commercial launch.
Following these sales, Braveheart holds 389,992,405 RMS shares, representing 25.45 per cent. of the voting rights of RMS and following the admission to AIM of the RMS Option Shares will hold 399,992,405 RMS shares, representing 25.94 per cent. of the then enlarged voting rights of RMS.
RMS is an operating company whose ordinary shares are admitted to trading on AIM. In the year ended 31 December 2019, RMS incurred a loss before taxation of £711,942 and as at that date had net liabilities of £19,250. As at 30 June 2020 had unaudited net assets of £674,135.
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