IamFire Plc - Corporate Update & Strategic Financing
PR Newswire
London, June 24
25thJune 2020
AQSE: FIRE
("IamFire" or the "Company")
Corporate Update & Strategic Financing
CEO & Director, Burns Singh Tennent-Bhohi statement,
"Following IamFire's restructure and recapitalisation last year, the Board and I are reviewing a number of different strategies which complement the direction we are moulding for the Company. This includes adding skilled senior management and Directors, as well as key long-term financial partners.
These two together will provide the Company with valuable liquidity and the skills needed to identify and secure a strong dealflow to provide value to the Company and our shareholders.
IamFire'sfocus is in three industry classes;
Natural Resources, Mining & Exploration, and Disruptive Technology.
Our core ethos is to seek, evaluate and transact opportunities exposed to the growth areas in global consumption which generate disproportionately higher capital returns on investment. The Company will utilise non-cash dilutive instruments where possible.
During a period of heightened volatility in global financial markets, IamFire has raised gross proceeds in this financing of £500,000 which was oversubscribed. Thank you to those existing shareholders who participated. I also welcome our new shareholders to IamFire and thank you for your commitment.
The completion of this financing secures the Company with strong working capital and includes the participation of a broad range of investors not normally seen in such a small company including; Family Offices, UHNWs, Investment Funds, Retail Investors, Existing Shareholders & Directors participation. To re-enforce this point, it is critically important the Company's register represents a diversified and robust presence, irrespective of our present market valuation. It is rather in preparation for the Company's future endeavours.
The Board and I look forward to providing further updates to the market as we continue to develop and streamline the Company's corporate strategy."
Terms of Private Placement
IamFire plc has raised gross proceeds of £500,000 through the issue of 20,000,000 ordinary shares of £0.0025p. The placing was conducted at a price of 2.5p (£0.025p) representing the closing mid-market price for the Company at the time of this financing. Each subscriber will receive two warrants for each share subscribed with a strike price of 10p (£0.10p) and a life to expiry of 3-years from admission of the placing shares. Should the subscriber elect to exercise their warrants in full (100%) during or on the life of expiry, the subscriber will be issued a replacement warrant instrument granting a further two warrants with a strike price of 15p (£0.15p) with a 3-year life to expiry from issue of the replacement warrants.
Related Party Disclosure
The participation of Burns Singh Tennent-Bhohi, Jeremy Ross, Noel Lyons & Eurocann International plc (AQSE: BUD) in the equity finance represent a related party transaction under Rule 52 of the AQSE Growth Market Rules for Issuers. Having consulted with our corporate advisor, the subscriptions of the above are deemed to be fair and reasonable in respect of the shareholders of the Company.
Upon admission the shareholdings of the above shall be as follows:
| Director/Related Party | Shares Currently Held | Subscription Shares | Total Shares After Admission of Subscription Shares | % of Total Issued Share Capital |
| Burns Singh Tennent-Bhohi | 416,667 | 2,800,000 | 3,216,667 | 11.5% |
| Jeremy Ross* | 416,667 | 100,000 | 516,667 | 1.84% |
| Noel Lyons | 1,900,923 | 1,000,000 | 2,900,923 | 10.35% |
| Eurocann International plc (AQSE:BUD)** | 625,000 | 400,000 | 1,025,000 | 3.6% |
*Upon admission all, 516,667 shares will be held in Blackhills Consulting a company wholly-owned by Jeremy Ross.
**Both Burns Singh Tennent-Bhohi & Jeremy Ross are Directors of Eurocann International plc, constituting a related party transaction.
Admission of Shares & Total Voting Rights (TVRs)
Application will be made for the placing and subscription shares to be admitted to trading on AQSE which is expected to occur on or around 8thJuly 2020 ("Admission"). Following the admission of the placing and subscription shares, FIRE's ordinary issued share capital will comprise, 28,005,683 ordinary shares of £0.0025 pence each.
This number will represent the total voting rights in the Company, and following admission, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AQSE.
The Directors of the Company accept responsibility for the content of this announcement.
Enquiries:
IamFire plc:
Burns Singh Tennent-Bhohi (CEO & Director)
Direct Office Line: +44 (0) 20 3778 0755
burnsstb@iamfireplc.com
ir@iamfireplc.com
Twitter:
Website:
Peterhouse Capital Limited
Guy Miller: + 44 (0) 20 7469 0930 (Direct)
