Les Agences de Papa, an independent digital real estate network, announced on Thursday that it had reduced its losses in 2022 thanks to a doubling of sales over the year.

The Nice-based company reported this morning a loss of 9.5 million euros for the past year, compared with a shortfall of 13 million euros at the end of fiscal 2021.

Sales more than doubled to 625,000 euros, compared with 301,000 euros a year earlier.

Including management fees, sales reached 3.1 million euros.

The group also announced that it had secured its working capital requirements over a 12-month horizon through equity and convertible bond financing.

The company explains that it has raised four million euros through a convertible bond issue fully subscribed by Capital Système Investissements, one of its historical investors.

A capital increase of 8.4 million euros will also enable it to strengthen its equity, based on a unit subscription price of 0.25 euro, representing a 50% discount to the last quoted price.

The company also announced that it had issued 26.6 million warrants, the exercise of which would lead to a capital increase worth a total of 6.7 million euros.

Following the completion of all these operations, the stake of a shareholder currently holding 1% of the capital would be reduced to 0.45%, on an undiluted basis.

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