Primorus Investments PLC Further re Investment in Interpac & Bushveld CLN (5844M)

TIDMPRIM

RNS Number : 5844M

Primorus Investments PLC

15 September 2023

Primorus Investments plc

("Primorus" or the "Company")

Further Investment in Interpac Ltd &

Bushveld Convertible Loan Note Update

Primorus Investments plc (AIM: PRIM) is pleased to announce that further to the announcement of 13 September 2022, the Company has invested an additional GBP75,000 into Interpac Ltd ("Interpac"). Interpac was founded in 2013 to create a new corrugation process for the manufacture of cardboard which is more cost-efficient and environmentally friendly than current manufacturing processes.

Primorus has subscribed for 9,375 ordinary shares at a price of GBP8 per share, from its existing cash resources. Following this investment, Primorus now holds 52,110 shares in Interpac representing approximately 4.29% of Interpac's issued share capital (3.67% share option diluted shareholding).

In the last year, Interpac has made significant progress in the technical and manufacturing process as well as developing its sales pipeline. The first unit is due to be installed in October 2023. These new funds will be used to accelerate the completion of the second unit and purchase long lead time components for further units. Primorus looks forward to Interpac successfully deploying the capital raised to support the production targets it has set for its business.

More information about Interpac can be found on its website: https://www.inter-pac.co.uk/about-us/

Hedley Clark, Non-Executive Director of Primorus, has been appointed as a Non-Executive Director of Interpac.

In the year ended 30th November 2022, Interpac had turnover of GBPnil and made a loss of GBP311,788.

Bushveld Convertible Loan Note Update

Further to the announcement on 14 July 2023 regarding the convertible loan note the Company holds in Bushveld Minerals Limited, the Company has to date received approximately GBP505,000 under the repayment schedule with the outstanding balance expected to be repaid as per the terms of the announcement on 14 July 2023.

For further information please contact:

 
   Primorus Investments plc 
    Matthew Beardmore, Chief Executive 
    Officer                                 +44 (0)20 8154 7907 
   Nominated Adviser 
    Cairn Financial Advisers LLP 
    James Caithie / Sandy Jamieson         +44 (0) 20 7213 0880

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September 15, 2023 02:41 ET (06:41 GMT)

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