Business
Placing to raise £250,000
Placing to raise £250,000.
About this update from Imaging Biometrics Limited
[{"type":"text","content":"\n\n\nIQ-AI Ltd\n(\"IQ-AI\" or the \"Company\")\n \nPlacing to raise £250,000\n \nIQ-AI is pleased to announce that that the Company, through its corporate broker Peterhouse Capital Limited (\"Peterhouse\"), has conditionally raised gross proceeds of £250,000 via a placing (the \"Placing\") of 25,000,000 new ordinary shares at a price of £0.01 per share (the \"Placing Shares\"). The Placing was undertaken with existing and new shareholders.\n \nCompletion of the Placing is conditional on the Placing Shares being admitted to listing on the Equity Shares (transition) category of the Official List and to trading on the London Stock Exchange's main market for listed securities (\"Admission\").\n \nBraveheart Investment Group plc (\"Braveheart\"), an existing shareholder in the Company, has subscribed for 7,000,000 Placing Shares for a consideration of £70,000. On Admission of the Placing Shares, Braveheart will hold 72,415,862 ordinary shares in IQ-AI which represents 29.35% of the issued share capital of IQ-AI as enlarged by the Placing.\n \nUse of Proceeds\n \nThe proceeds will be used for clinical trials of GaM (adult and pediatric) and the Expanded Access Program. Additionally, the funds will support and accelerate organic growth, including the completion of the release of IB Clinic and IB Nimble, as well as the expansion of the marketing and sales teams.\n \nAdmission & Total Voting Rights (\"TVR\") Statement\n \nPrior to this Placing, the Company had 221,709,789 ordinary shares of £0.01 par value on issue, each with one vote per share. The Company does not hold any ordinary shares in treasury. Following the issuance of the 25,000,000 Placing Shares, the TVR will increase by 25,000,000 shares, bringing the total number of voting rights in the Company to 246,709,789.\n \nTherefore, the figure of 246,709,789, post the issue of these new Placing Shares, can be used by shareholders to determine whether they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.\n \nApplications will be made to the FCA and to the London Stock Exchange for admission in respect of all the Placing Shares proposed to be issued on completion of the Placing. It is expected that Admission will become eff...