Completion of Placing and Conversion of Loan Notes

RNS Number : 9586H

IQ-AI Limited

06 August 2019

 

IQ-AI Ltd

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

Completion of Placing

and

Conversion of Loan Notes

IQ-AI is pleased to announce that due to investor demand it has raised £275,000 through the placing of 4,583,333 new ordinary shares of 1 penny each in the capital of the Company (the "Ordinary Shares") at a price of 6 pence per Ordinary Share (the "Placing Price") through Peterhouse Capital Limited (the "Placing").

The funds raised will be used to accelerate the commercialisation and development of two of  Imaging Biometric's ("IB") projects: the low-flip angle technique; and  IB's Delta T1 mapping approach.

Additionally, the Company has received a conversion notice from Trevor Brown, Executive Director of the Company, converting the entirety of his £18,750 convertible loan notes and the £3,999 associated interest, issued on 11 March 2015, at a price of 1.1 pence, into 2,202,741 Ordinary Shares at a price of 1.1 pence per share ("Conversion"). Following Conversion, there are no longer any convertible loan notes with an exercise price of 1.1 pence outstanding in the Company.

It is expected that the Ordinary Shares issued as part of the Placing and as part of Conversion will commence trading at 8.00am on 12 August 2019.

Following completion of the Placing and Conversion, the Company's issued share capital will consist of 134,275,426 ordinary shares of 1 penny each. 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/Vinod Kaushal/Qu Li Tel: [phone]

Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Fungai Ndoro Tel: [phone]

About IQ-AI Ltd 

IQ-AI, Ltd, the parent company of StoneChecker® and Imaging Biometrics®, is focused on advanced and state of the art medical software and services. (IQ-AI.ltd). Imaging Biometrics develops and provides visualization and analytical solutions that enable clinicians to better diagnose and treat diseases with greater confidence. Through close collaboration with top researchers and clinicians, sophisticated advancements are translated into platform-independent software plug-ins which can extend the base functionality of workstations, imaging systems, PACS, or medical viewers. By design, IB's advanced visualization software seamlessly integrates into routine workflows. Please visit www.imagingbiometrics.com for further information.  

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