Business
Issue of Convertible Loan Notes
Issue of Convertible Loan Notes.
About this update from Imaging Biometrics Limited
[{"type":"text","content":"\n \nRNS Number : 3697S IQ-AI Limited 11 March 2019 \n\nIQ-AI LIMITED\n(\"IQ-AI\" or the \"Company\")\n \nIssue of Convertible Loan Notes \n \n \nIQ-AI is pleased to announce that the Company has issued £268,500 in nominal amount of 6% unsecured convertible loan notes 2024, convertible into 13,425,000 ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") at a price of 2 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 the Company. The funds raised enables the Company to fully execute its current business plan and shareholders should take comfort that the Company is now able to fully execute its current strategic objectives, following this, initially, non-dilutive fundraise. \nTrevor Brown, Chairman of the Company, has subscribed for £250,000 of the CLNs and Michael Schmainda, Chief Executive Officer of the Company's 100% owned subsidiary, Imaging Biometrics LLC, has subscribed for £18,500 of the CLNs. \nTrevor 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 £546,926 of loan notes, directly and through Free Association Books. \nThe Directors of the Company accept responsibility for the contents of this announcement. \nThis announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (\"MAR\").\n \n **ENDS**\n \nFor further information please contact:\n \n\n\n\n\nFlying Brands Limited\nQu Li/Trevor Brown/Vinod Kaushal \nTel: 020 7469 0930\n \n\n\n \n\n\n \n\n\n\n\nPeterhouse Capital Limited (Financial Advisor and Broker)\nLucy Williams and Fungai Ndoro\nTel: 020 7220 9797\n \n\n\n \n\n\n \n\n\n\n\n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. END STR...