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