Osirium Technologies : Result of fundraise

Osirium Technologies plc

('Osirium', the 'Company' or the 'Group')

Result of fundraise

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, is pleased to announce the completion of the fundraise announced yesterday. The Company has conditionally placed an aggregate sum of approximately £4.78 million (before expenses, fees and commissions) by:

· an issue of 1,412,847 new Ordinary Shares in the Company (the 'Subscription Shares') at the Placing Price referred to below raising approximately £494,500 (the 'Subscription');

· the issue (the 'Convertible Loan Note Issue') of £2,700,000 of Convertible Unsecured 7.5% Notes due 2024 (the 'Convertible Loan Notes') with a conversion rate of 40 pence for each Ordinary Share (subject to reduction in limited circumstances as set out in the Convertible Loan Note Instrument, a copy of which will be available for view on the Company's website: https://osirium.com/investors/); and

· a placing (the 'Placing') of 4,528,597 new Ordinary Shares in the Company (the 'Placing Shares'), at a price of 35 pence per share (the 'Placing Price'), raising approximately £1,585,000

The Placing Shares were offered by way of an accelerated bookbuild ('Bookbuild'). Stifel Nicolaus Europe Limited ('Stifel') acted as Nomad, sole Broker and sole Bookrunner in connection with the Bookbuild.

Application has been made for Admission of the Placing Shares and the Subscription Shares and it is expected that Admission will become effective and that dealings in the Placing Shares and the Subscription Shares will commence at 8.00 a.m. on 25 October 2019. The Placing Shares and the Subscription Shares will rank pari passu in all respects with the Existing Ordinary Shares.

Following Admission, the Company will have 19,495,655 Ordinary Shares in issue (the 'Enlarged Share Capital'). The total number of shares to be issued represents approximately 44 per cent. of the Company's existing share capital and approximately 30 per cent. of the Enlarged Share Capital. The Placing Price represents a premium of approximately 3 per cent. to the closing mid-price of 34 pence on 18 October 2019, being the last business day immediately prior to the announcement of the fundraise.

The net proceeds of the Placing, the Subscription and the Convertible Loan Note Issue (being approximately £4.3 million) will be used to fund the Company's growth, strengthen its balance sheet and support key hires in marketing and product development.

David Guyatt, Chief Executive Officer, said: 'We would like to thank both new and existing shareholders for their support. Furthermore, the substantial participation in the fundraise by our employees demonstrates the commitment our team has in the business, the excitement for the massive opportunity ahead of us and a firm belief in our ability to execute.

'The funds raised will ensure the Group is well resourced as the business expands and further supports the acceleration of the Group's growth strategy. The strategy we have in place continues to gain traction, evidenced by strong growth in bookings, which for the year ending 31 December 2019 are expected to be materially ahead of the prior period. The Board remains very confident in the Group's prospects and believes Osirium has a unique proposition and is well placed to prosper as cybersecurity remains a key priority for corporates globally.'

The Subscription

Of the total Subscription, the Company announces that the Directors* have agreed to subscribe for an aggregate of 794,283 new Ordinary Shares at the Placing Price to raise approximately £278,000 (before expenses) as summarised below:

Directors	Existing number of Ordinary Shares	Number of Subscription Shares	Total number of Ordinary Shares following the Subscription	Percentage of Enlarged Share Capital
Simon Lee	126,861	142,857	269,718	1.38%
David Guyatt*	1,014,840	428,571	1,443,411	7.40%
Rupert Hutton*	-	137,142	137,142	0.70%
Stephen Purdham	-	57,142	57,142	0.29%
Simon Hember	75,000	28,571	103,571	0.53%
Total:	1,216,701	794,283	2,010,984	10.32%

* and Spouses

Terms used but not defined in this announcement shall have the meanings given to such terms in the Announcement made yesterday. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ('MAR').

The person responsible for arranging the release of this announcement on behalf of the Group is Martin Kay, Company Secretary.

- Ends -

For further information:

Osirium Technologies plc	Tel: [phone]
David Guyatt, Chief Executive Officer Rupert Hutton, Chief Financial Officer www.osirium.com
Stifel Nicolaus Europe Limited (Nominated Adviser, Sole Broker and Bookrunner)	Tel: [phone]
Fred Walsh / Neil Shah
Alma (Financial PR) Hilary Buchanan / Josh Royston / Kieran Breheny	Tel: [phone]

Notes to Editors:

About Osirium

Osirium Technologies plc (AIM: OSI) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Security solutions. Osirium's cloud-based products protect critical IT assets, infrastructure and devices by preventing targeted cyber-attacks from directly accessing Privileged Accounts, removing unnecessary access and powers of Privileged Account users, deterring legitimate Privileged Account users from abusing their roles and containing the effects of a breach if one does happen.

Osirium has defined and delivered what the Directors view as the next generation Privileged Access Management solution. Osirium's award-winning Privileged Task Management module further strengthens Privileged Account Security by minimising the cyber-attack surface and delivering an impressive return on investment benefits for customers. Building on Osirium's Privileged Task Management module, in May 2019 Osirium launched Opus, providing a highly-flexible platform for automating essential IT processes to set a new benchmark in Privileged Process Automation.

Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to AIM in April 2016. For further information please visit www.osirium.com.