Good Life Plus PLC - Subscription to Raise £2m and 40,000 Subscribers

Good Life Plus Plc

(the "Company" or "Good Life Plus")

PLACING AND SUBSCRIPTION TO RAISE £2.0 MILLION
CONVERTIBLE LOAN NOTE CONVERSION

COMPANY REACHES 40,000 SUBSCRIBER MILESTONE

TOTAL VOTING RIGHTS

Good Life Plus Plc (AQSE: GDLF), an innovator in the luxury prize draw and rewards sector, is pleased to announce that it has raised gross proceeds of £1.5 million by means of a placing (the "Placing") of 60 million new ordinary shares ("Ordinary Shares") of £0.001 each in the capital of the Company (the "Placing Shares"), to certain institutional and other investors at a price of 2.5 pence per Ordinary Share (the "Issue Price").  The Placing was led by the Company's broker, Tennyson Securities.

In addition, the Company has raised £500,000 through a direct subscription for 20 million new Ordinary Shares to new and existing investors ("Subscription"), including Winforton Investments Limited, a private investment vehicle associated with Mark Blandford, the founder of Sportingbet Plc, a holder of 20.6% of the current issued share capital, which has subscribed for 12 million new Ordinary Shares at the Issue Price. The participation of Winforton constitutes a related party transaction under Rule 4.6 of the AQSE Growth Market Access Rulebook. The Directors consider that, having exercised reasonable care, skill, and diligence, the related party transaction is fair and reasonable as far as the shareholders of the Company are concerned.

The Company also announces the conversion of £287,500 of Convertible Loan Notes ("CLNs") at a 10% discount to the Issue Price. This conversion is in accordance with the terms set out in the CLN issue, announced on 2 September 2024, further enhancing the Company's capital structure and shareholder value.

The total number of new Ordinary Shares pursuant to the Placing, the Subscription, and the conversion of the CLNs is 92,777,777.

Business Update

Good Life Plus is pleased to report strong growth momentum, driven by its expanding subscription base. The Company has grown rapidly, increasing subscribers by over 100% from 2023 and has now reached another important milestone, reaching over 40,000 subscribers on its platform.  This represents a further 90% increase in subscriber numbers since the date of its listing in December 2023 (21,000 subscribers). This growth in subscriber numbers underscores the effectiveness of Good Life Plus's premium subscription offering and focus on delivering quality experiences.

The Company is pleased to report that it is on track to meet or exceed current market expectations.

Use of Proceeds

The proceeds from the Placing, Subscription, and conversion of CLNs will be used to support the Company's continued expansion, with a focus on aggressive customer acquisition, partnership acceleration, and operational improvements. Funds will be deployed to enhance the premium subscription offering, increase average revenue per user, and support technological infrastructure upgrades to facilitate further market penetration. Additionally, the Company may invest in above-the-line advertising opportunities to enhance brand visibility and build on its momentum in scaling the business.

Broker Warrants

As part of the Placing, broker warrants have been issued to Tennyson Securities representing 5% of the Placing amount raised by them at an exercise price of 2.5p per share. This equates to 3 million warrants with a 5-year exercise period from the date of admission of the Placing Shares to Aquis.

Admission and Total Voting Rights

Following the issue of the Placing Shares, the Subscription Shares and the new Ordinary Shares in relation to the conversion of the CLNs, the Company's issued ordinary share capital shall consist of 812,049,980 Ordinary Shares. The shares are expected to be admitted to trading on the AQSE Growth Market on Friday, 4 October 2024. The figure of 812,049,980 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance & Transparency Rules.

Charlie Chadd, CEO of Good Life Plus Plc, commented:

"The success of our recent fundraising efforts will significantly strengthen our financial position and enable us to accelerate key growth initiatives. The proceeds will allow us to expand aggressively into new customer acquisition channels, build on our existing partnerships, and explore new above-the-line advertising opportunities that will enhance our brand visibility. It will strengthen our ability to continue scaling, as evidenced by our demonstrated growth trajectory to over 40,000 subscribers.

"With a strong capital structure in place, we are well-positioned to execute on our vision and transition from a market disruptor to an industry leader."

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The Directors of the Company take responsibility for this announcement.

- Ends -

For further information, please contact:

Good Life Plus Plc
Charlie Chadd, Chief Executive Officer                                  | +44 (0)7500 929157

AQSE Corporate Advisor
Novum Securities Limited
David Coffman / Daniel Harris / George Duxberry              | +44 (0)20 7399 9400

Tennyson Securities
Broker
Peter Krens / Alan Howard                                                      | +44 (0) 20 7186 9030

Rosewood
Financial Media and Investor Communications
John West / Lily Pearce                                                             | +44 (0)20 7653 8702
goodlifeplus@rosewoodpr.co.uk