Business
Completion of Placing and Conversion of Loan Notes
Completion of Placing and Conversion of Loan Notes.
About this update from Imaging Biometrics Limited
[{"type":"text","content":"\n \nRNS Number : 9586H IQ-AI Limited 06 August 2019 \n\n \nIQ-AI Ltd\n(\"IQ-AI\" or the \"Company\")\n \nCompletion of Placing\nand \nConversion of Loan Notes\n \n \nIQ-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\"). \n \nThe 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. \n \nAdditionally, 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. \n \nIt 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.\n \nFollowing 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.\n \nThe Directors of the Company accept responsibility for the contents of this announcement.\n \n-ENDS-\n \nFor further information, please contact:\n\n\n\nIQ-AI Limited\nTrevor Brown/Vinod Kaushal/Qu Li\nTel: 020 7469 0930\n\n\n\n\nPeterhouse Capital Limited (Financial Adviser and Broker)\nLucy Williams/Fungai Ndoro\nTel: 020 7220 9797\n\n\n\n \nAbout IQ-AI Ltd \nIQ-AI, Ltd, the parent company of StoneChecker® and Imaging Biometrics®, is focused on advanced and state of the art medical software and ...