REG - IQ-AI Limited - Placing and Broker Option

IQ-AIAnnouncement

22/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240222:nRSV0116Ea&default-theme=true

RNS Number : 0116E  IQ-AI Limited  22 February 2024

IQ-AI Limited

("IQ-AI" or the "Company")

Placing and Broker Option

IQAI Limited (the "Company" or "IQAI"), the parent company of
Wisconsin-based Imaging Biometrics, LLC ("IB"), which is focused on
delivering quantitative imaging platforms and therapeutics that transform how
clinicians diagnose and treat patients more efficiently and effectively, is
pleased to announce a placing (the "Placing") via its broker Peterhouse
Capital Limited ("Peterhouse"), to raise £300,000 (gross) through the issue
of 20,000,000 new ordinary shares of £0.01 each ("Ordinary Shares") at 1.5p
per share (the "Issue Price"). The Placing has not been underwritten.

 

The net proceeds will be used further the development of oral gallium
maltolate, the oral anti-tumour agent currently under study in the phase 1
trial, via an intermediate-sized expanded access program and other
commercialization initiatives necessary to fully leverage the Fast Track
Designation granted by the US FDA.

 

In addition, there is a Broker option (the "Broker Option") for up to
6,666,666 new Ordinary Shares which will raise up to a further £100,000
enabling existing shareholders to participate in the Placing via Peterhouse.

 

Existing Shareholders who hold shares in the Company and are on the register
of members as at the close of business on 21 February 2024, will be given a
priority right to participate in the Broker Option and all orders from such
Existing Shareholders will be accepted and processed by Peterhouse, subject to
scale-back in the event of over-subscription under the Broker Option. The
Company and Peterhouse at their discretion may decide to increase the amount
of the Broker Option to meet demand. The Broker Option has not been
underwritten. Peterhouse is entitled to participate in the Broker Option as
principal.

 

The Broker Option is exercisable by Peterhouse on more than one occasion, at
any time from the time of this announcement to 4.30 p.m. UK time on 23
February 2024, at its absolute discretion, following consultation with the
Company. There is no obligation on Peterhouse to exercise the Broker Option or
to seek to procure subscribers for the Broker Option. Peterhouse may also,
subject to prior consent of the Company, allocate new shares after the time of
any initial allocation to any person submitting a bid after that time.

 

The Broker Option Shares are not being made available to the public and none
of the Broker Option Shares are being offered or sold in any jurisdiction
where it would be unlawful to do so. No Prospectus will be issued in
connection with the Broker Option.

 

Admission of the Placing Shares and the new Ordinary Shares issued pursuant to
the Broker Option is expected to occur on or around 1 March 2024.

 

The Directors of the Company accept responsibility for the contents of this
announcement.

 

**ENDS**

 For further information please contact:

 

IQ-AI Limited

Trevor Brown/Brett Skelly/Vinod Kaushal

Tel: 020 7469 0930

 

Peterhouse Capital Limited (Financial Adviser and Broker)

Lucy Williams/Heena Karani

Tel: 020 7220 9797

This 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
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEPPURPPUPCPGG