Business
Correction: Director Dealing and CLN Conversion
Correction: Director Dealing and CLN Conversion.
About this update from Imaging Biometrics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 0361F\n IQ-AI Limited\n 12 November 2020\n \n \n \n \n IQ-AI Ltd\n \n \n (\"IQ-AI\" or the \"Company\")\n \n \n Correction to Director Dealing and Conversion of Loan Notes Announcement\n \n \n The following amendments have been made to the \"Director Dealing and Conversion of Loan Notes\" announcement released on 11 November at 07:00. \n \n \n \n \n \n The original announcement stated that IQ-AI Ltd has received a conversion notice from Free Association Books Limited, converting £40,000 convertible loan notes and the £13,500 associated interest, into 3,566,666 Ordinary Shares. This should have been 3,566,667 Ordinary Shares. It also stated that Trevor Brown will be directly and indirectly interested in 47,557,403 Ordinary Shares, representing approximately 29.63 per cent. of the Company's enlarged issued ordinary share capital. This should have been 47,527,403 Ordinary Shares, representing approximately 29.61 per cent. of the Company's enlarged issued ordinary share capital.\n \n \n All other details remain unchanged. The full amended text is shown below.\n \n \n IQ-AI Ltd has received a conversion notice from Free Association Books Limited, converting £40,000 convertible loan notes and the £13,500 associated interest, issued in November 2015, at a price of 1.5 pence, into 3,566,667 Ordinary Shares. Free Association Books Limited (\"FAB\") is a company in which Trevor Brown, who is CEO of IQ-AI, has an interest. The Company has now fully converted all of the November 2020 convertible loan notes. \n \n \n \n \n \n In addition, the Company has also received a conversion notice from Trevor Brown, converting £200,000 convertible loan notes and the £20,000 associated interest, issued in March 2018, at a price of 2 pence, into 11,000,000 Ordinary Shares. \n \n \n \n \n \n In total, Trevor Brown will indirectly or directly be issued a total of 14,566,667 Ordinary Shares (the \"CLN Shares\"). In addition, Trevor Brown and FAB has in total sold 10,450,030 Ordinary Shares in the Company. \n \n \n \n \n \n Following the above transactions, Trevor Brown will be directly and indirectly interested in 47,527,403 Ordinary Shares, representing approximately 29.61 per cent. of the Company's enlarged issued ordinary share capital. It is expected that the CLN Shares wil...