Software Development Agreement
01/03/2024 07:00
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RNS Number : 0637F Mortgage Chat PLC 01 March 2024
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
01 March 2024
Mortgage Chat PLC
("Mortgage Chat" or the "Company")
Software Development Agreement
Mortgage Chat (AQSE: MCAI), a technology company developing artificial
intelligence ("AI") products for the mortgage sector, announces that it has
entered into a software development agreement (the "Agreement") with Accru
Finance Ltd ("Accru" or the "Developer").
Under this Agreement, the Developer will design and develop a web-based
application capable of answering specific mortgage-related queries and will
also undertake the development of a responsive website dedicated to the
Company's automated query resolution service.
As part of the Agreement, the Developer will be paid a total fee of £15,000
and will be granted 200,000 warrants to subscribe for new ordinary shares
("Warrants") in the Company. The Warrants have an exercise price of £0.05 per
Ordinary Share and are exercisable for a period of 5 years from the date of
issue.
This transaction is deemed to be a related party transaction under AQSE Rule
4.6 as Philipp Kallerhoff, Non-Executive Director of the Company, is a
director of the company that controls Accru and, indirectly, owns 7% of Accru.
The directors of the Company (other than Philipp Kallerhoff) confirm that,
having exercised reasonable care, skill and diligence, that the related party
transaction is fair and reasonable as far as the shareholders of the Company
are concerned.
For more information, please visit the Company's website at
https://www.mortgagechat.co/ (https://www.mortgagechat.co/)
The Directors of the Company take responsibility for this announcement.
Mortgage Chat PLC
Peter Wall, Executive Chairman Via First Sentinel
First Sentinel Corporate Finance
Brian Stockbridge +44 20 3855 5551
Gabrielle Cordeiro
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