TSP TruSpine Technologies Plc

TIDMTSP

RNS Number : 5947R

TruSpine Technologies PLC

02 March 2023

2 March 2023

TruSpine Technologies plc

("TruSpine" or the "Company")

Further re Bridge Loan Facility and Letter of Intent

TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, provides an update in relation to the announcement released on 20 February 2023 concerning the expected receipt of funding from the Bridge Loan facility and the subscription for Tranche 1 of the staged equity funding under the LOI entered into with the Investment Group.

Funding from the Bridge Loan facility has not yet been received by the Company, however the Directors believe, based on discussions with the Investment Group, that the funds will be forthcoming in due course and the subscription for Tranche 1 of the staged equity funding is expected to be subscribed for in due course. However, there is no guarantee that the funds from the Bridge Loan facility or from the Tranche 1 subscription will complete successfully.

As announced on 28 February 2023, the Company received GBP200,000 pursuant to a loan agreement with a separate third-party which is being utilised for general working capital purposes. The Company continues to carefully manage its working capital. As previously notified, in the event that the Bridge Loan facility does not complete successfully and the equity drawdown funds are not received, the Company will need to raise further capital in the short term.

A further announcement will be made in due course.

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company's announcement of 3 January 2023.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.

Enquiries:

 
 TruSpine Technologies Plc                                                                Tel: +44 (0)20 3638 5025 
 Laurence Strauss, acting Managing Director 
 
 Cairn Financial Advisers LLP (AQSE Corporate Adviser)                                    Tel: +44 (0)20 7213 0880 
 Liam Murray / Ludovico Lazzaretti 
 
   Oberon Capital (Joint Broker)                                                          Tel: +44 (0)20 3179 5300 
 Mike Seabrook / Chris Crawford 
 Peterhouse Capital Limited (Joint Broker & Financial Adviser) 
                                                                                          Tel: +44 (0)20 7469 0930 
 Lucy Williams / Duncan Vasey 
 Walbrook PR (Financial PR & IR)                                 Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 
 Anna Dunphy                                                                               truspine@walbrookpr.com 
 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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END

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March 02, 2023 02:00 ET (07:00 GMT)

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