The Smarter Web Company – Existing Warrants-Voluntary Purchase Offer Results

Existing Warrants – Voluntary Purchase Offer Results

The Smarter Web Company (LSE: SWC | OTCQB: TSWCF | FRA: 3M8) is pleased to announce the results of the discounted voluntary purchase offer (“Voluntary Purchase Offer”) for warrant holders to realise value from the Pre-IPO warrants (“Pre-IPO Warrants”) ahead of their vesting.

The total Pre-IPO warrants purchased by the Company through the Voluntary Purchase Offer was 3,000,000 for a total consideration of £618,000 at a price of 20.6 pence per warrant.  All warrants purchased under the Voluntary Purchase Offer will be cancelled.

The Company will draw £650,000 down from the recently announced $30 million Coinbase Strategic Credit Facility to fund the purchase, as well as estimated associated costs. The Bitcoin treasury analytics page on the Company’s website has been updated to reflect a short-term debt figure of £650,000. This debt leverage represents approximately 0.40% of the Net Asset Value, with the Voluntary Purchase Offer having reduced the number of fully diluted shares by 0.75%. It is intended that this debt will subsequently be financed through a combination of operational cash flow and future equity issuance and a further update will be provided once this amount is repaid.

The Company also notes that removing 3,000,000 warrants from the fully diluted share count has increased the Quarter-to-Date BTC Yield from -0.93% to -0.18%.

Andrew Webley, CEO, The Smarter Web Company, commented:

“I am pleased to be able to update the market with the results from the Voluntary Purchase Offer. It was also satisfying to receive so many messages from holders of these warrants who believe that the Company will grow significantly over the next few years.

“By removing these warrants from our fully diluted share count we have improved our Quarter-to-Date BTC Yield to -0.18%, representing a meaningful improvement from -0.93% earlier in the quarter, during what has been a challenging period for the Bitcoin treasury sector.

“Considering the significant structural progress we have made this quarter, including the accretive acquisition of Squarebird Agency Ltd, our uplisting to the Main Market of the London Stock Exchange and confirmation of inclusion in the FTSE UK Index Series, I am pleased that the Company continues to move forward with strong foundations for future growth.”

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