THE INFORMATION CONTAINED WITHIN THIS
ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
IamFire plc
AQSE: FIRE
(“FIRE” or the
“Company”)
Subscription of
£2m in to WeShop Holdings Limited Convertible Loan Notes
Update on WeShop
Holdings Limited
1.
Execution of Option to Subscribe £2m into Convertible Loan Notes of
WeShop Holdings Limited (“WeShop”).
IamFire plc is pleased to announce that it has agreed to
subscribe to £2m of an option to invest up to £4,500,000 in
Convertible Loan Notes (CLNs) in WeShop. On 17 November 2021, FIRE announced that it had
agreed an option to subscribe for up to £4,500,000 in to WeShop by
way of CLNs. The option is available to be exercised until
18 February 2022 in tranches of
£500,000 or above. FIRE will have the right to convert any
CLNs subscribed for at a conversion price of 75 pence per WeShop share on the “Conversion
Date”, which is 18 May 2023. WeShop shares are currently
trading on the JP Jenkins share trading platform.
2. Update on
WeShop Holdings Limited
WeShop has released its native mobile applications into the iOS
app store and into the Google Android store. The platform is
also live at www.we.shop. All versions of the platform are by
invitation only as WeShop admits a number of content creators,
influencers and talent with exclusive access before the full launch
in Q1 2022.
Richard Griffiths Chairman of
WeShop, said:
”WeShop is a shoppable social network where personal
recommendations are truly valuable. We have aggregated the
majority of the top 1,000 retailers in the UK onto one platform,
giving the WeShop community access to over 1 billion products
across multiple categories.
The WeShop platform allows users to shop and help each other by
reviewing, asking about or recommending products. And most
importantly instead of rewarding the users with cashback, discount
codes or vouchers, WeShop allows users to earn shares in the
business.
WeShop intends to be 90% owned by its community of users, so the
more users shop, recommend and refer friends the more shares they
will own in WeShop and the more they will share in its financial
success. Users of WeShop buy products from retailers through
the platform as they would normally but in doing so they will earn
shares in WeShop and benefit from aggregation as a community and
the revenue streams generated from affiliate programs, data,
promotion and advertising that the community through WeShop will
generate.
WeShop intends to be the first truly shoppable social network owned
by its community of users. By creating a disruptive online
model we hope to create a retail revolution which shares the
financial success of online businesses with the users of those
online businesses whose data, transactions and engagement has
created them in the first place.
Indeed, even during the first week since launch to invitees only we
are seeing increasing social interaction between the community via
referrals and recommendations leading to significant transactions
flow. It is incredibly exciting to see the combination of
online shopping and social media in action.
Over the next few months, as we run towards the full launch in Q1
2022 will be onboarding more users and partners to WeShop and we
look forward to keeping the community up to date with the exciting
developments.”
3. Sandy
Barblett, Chairman of IamFire said:
“The Board has been monitoring the initial roll out of the
WeShop platform across native mobile apps and in web form.
Interactions amongst the initial invitation only user base have
been truly impressive and transactions are flowing freely with
users being credited with WeShop shares following purchases,
recommendations and referral. The initial signs of virality
are particularly evident. The full execution plan is well on
track with the full launch due in Q1 2022. We have immense
confidence in the globally impressive team that WeShop has
gathered, including some of the UK’s largest PR and Social Media
marketing companies, as the full roll out approaches.”
The Directors of the Company, who have issued this RIS announcement
after due and careful enquiry, accept responsibility for its
content.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited
Corporate Advisor:
Guy Miller: + 44 (0) 20 7469 0930
(Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469
0930
Duncan Vasey: +44 (0) 20 7220 9797
(Direct)