Smarter Web Company Sells Shares to Reduce Debt, Exercises Warrants

The Smarter Web Company has announced an update on its subscription agreement, credit facility with Coinbase, and warrant exercises. The company sold 2,710,442 ordinary shares under the terms of the Subscription Agreement, generating gross proceeds of £1,891,933, equivalent to approximately £0.70 per share. This is a significant milestone for the company, which will receive approximately 98.25% of these proceeds.

The net proceeds from this sale will be used to reduce the outstanding amount under its strategic credit facility with Coinbase from approximately £20.8 million to approximately £19.0 million. The current sterling equivalent of £20.8 million reflects movements in the USD/GBP exchange rate, and the company continually reviews its capital allocation priorities.

A total of 750,000 warrants have been exercised at £0.025 per share during September, resulting in gross proceeds of £18,750. This has led to a total of 31,678,732 warrants remaining outstanding, each with an exercise price of £0.025 per share.