Issue of Convertible Loan Notes

RNS Number : 4411A

IQ-AI Limited

29 May 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 £250,000 in nominal amount of 6% unsecured convertible loan notes 2025, convertible into 13,666,666 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a price of 1.5 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 product development at the Company.

The CLNs have been subscribed for by Trevor Brown, Chairman of the Company.

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 £796,926 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:  [phone]
Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams and Fungai Ndoro Tel: [phone]

 

END

 

 

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