TIDMIQAI

RNS Number : 3697S

IQ-AI Limited

11 March 2019

IQ-AI LIMITED

("IQ-AI" or the "Company")

Issue of Convertible Loan Notes

IQ-AI is pleased to announce that the Company has issued GBP268,500 in nominal amount of 6% unsecured convertible loan notes 2024, convertible into 13,425,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 2 pence per share ("CLNs"). The funds raised as a result of the issue of the CLNs will be used to provide additional working capital for the Company. The funds raised enables the Company to fully execute its current business plan and shareholders should take comfort that the Company is now able to fully execute its current strategic objectives, following this, initially, non-dilutive fundraise.

Trevor Brown, Chairman of the Company, has subscribed for GBP250,000 of the CLNs and Michael Schmainda, Chief Executive Officer of the Company's 100% owned subsidiary, Imaging Biometrics LLC, has subscribed for GBP18,500 of the CLNs.

Trevor Brown is directly and indirectly (through Free Association Books, a company in which he is interested) interested in 36,083,025 Ordinary Shares, equivalent to 29.98% of the issued ordinary share capital. Following the issue of the CLNs, Trevor Brown holds GBP546,926 of loan notes, directly and through Free Association Books.

The Directors of the Company accept responsibility for the contents of this announcement.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

**ENDS**

For further information please contact:

 
 Flying Brands Limited 
  Qu Li/Trevor Brown/Vinod Kaushal 
  Tel: 020 7469 0930 
 Peterhouse Capital Limited (Financial Advisor and Broker) 
  Lucy Williams and Fungai Ndoro 
  Tel: 020 7220 9797

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

STRQVLFBKXFZBBX

(END) Dow Jones Newswires

March 11, 2019 03:00 ET (07:00 GMT)

Iq-ai (LSE:IQAI)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Iq-ai Charts.
Iq-ai (LSE:IQAI)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Iq-ai Charts.