IQ-AI Limited Placing (3746O)
October 07 2021 - 7:00AM
UK Regulatory
TIDMIQAI
RNS Number : 3746O
IQ-AI Limited
07 October 2021
7 October 2021
IQ-AI Ltd
("IQ-AI" or the "Company")
Placing
IQ-AI is pleased to announce that it has raised GBP620,000
through the placing of 12,400,000 new ordinary shares of 0.01p each
in the Company ("Ordinary Shares", the "Placing Shares") at a price
of 5 pence per Placing Share (the "Placing Price", the "Placing")
through Peterhouse Capital Limited, the Company's Financial Adviser
and Broker.
Trevor Brown, CEO of IQ-AI, has subscribed GBP150,000 for
3,000,000 Placing Shares in the Placing. Following completion of
the Placing, Trevor Brown will be interested in 52,813,236 Ordinary
Shares, representing approximately 28.94 per cent of the Company's
enlarged issued ordinary share capital.
Subscribers in the Placing have been issued with warrants to
subscribe for a further 12,400,000 Ordinary Shares at a price of
7.5p per share, exercisable for 3 months.
The net proceeds of the Placing will be invested in the
continuing development of the Company's Software Platforms, IB Zero
G, IB Trax and IB CAD, and for general working capital
purposes.
Application will be made for the Placing Shares to be admitted
to the Standard List segment of the Official List and to trading on
the main market of the London Stock Exchange ("Admission"). It is
expected that Admission will become effective and that dealings in
the Placing Shares will commence at 8.00am on or around 14 October
2021.
Following completion of the Placing, the Company's issued share
capital will consist of 182,507,609 Ordinary Shares. This figure
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
The Directors of the Company accept responsibility for the
contents of this announcement.
-ENDS-
For further information, please contact:
IQ-AI Limited
Trevor Brown/Brett Skelly/Vinod Kaushal
Tel: 020 7469 0930
Peterhouse Capital Limited (Financial Adviser and Broker)
Lucy Williams/Heena Karani
Tel: 020 7220 9797
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END
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