Result of REX Retail Offer

On 28 September 2023, Shield announced that it had conditionally raised c. US$6.1m (c. £5.0m) pursuant to a Subscription and Placing (the "Financing Announcement") and launched the REX Retail Offer on the REX Platform to the Company's existing retail shareholders. The REX Retail Offer closed at 10.00 a.m. on Tuesday, 3 October 2023 and has conditionally raised gross proceeds of £118,336.88 at the Issue Price. As a result, the Company has conditionally raised a total of approximately $6.2m (c. £5.1m) pursuant to the Placing, the Subscription and the REX Retail Offer (together, the "Fundraise").

The REX Retail Offer will result in the issue of a total of 1,479,211 REX Retail Offer Shares. In total, 63,872,271 New Shares will be issued pursuant to the Fundraise. In addition, a further 5,147,754 new ordinary shares (the "AOP Warrant Shares") will be issued pursuant to the exercise of all AOP's outstanding warrants with an exercise price of 6.75p per AOP Warrant, which will raise a further £347,473.40 for the Company.

The REX Retail Offer, the Placing, the Subscription and the exercise of the AOP Warrants remain subject to Admission. Application has been made to the London Stock Exchange for the New Shares and the AOP Warrant Shares to be admitted to trading on AIM, it is expected that Admission will become effective and dealings in the New Shares and the AOP Warrant Shares will commence on AIM at 8.00 a.m. on 4 October 2023.

The Company confirms that, in accordance with the requirements of the FCA's Disclosure and Transparency Rule 5.6.1, following Admission the Company's issued share capital consists of 782,056,367 ordinary shares of 1.5p each in issue, each with equal voting rights. No shares are held in treasury.

Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Financing Announcement.