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LONDON (Alliance News) - IQ-AI Ltd on Monday said it has issued GBP268,500 worth of 6% unsecured convertible loan notes 2024 to provide it with some working capital.
Shares in the company, which invests in technology and logistics assets, were trading up 17% at 1.48 pence each on Monday.
The notes are convertible into 13.4 million shares at a price of 2.00p per share.
"The funds raised enables the company to fully execute its current business plan and shareholders should take comfort that the company is now able to fully execute its current strategic objectives, following this, initially, non-dilutive fundraise," IQ-AI said.
Chair Trevor Brown subscribed for GBP250,000 of the notes and Michael Schmainda, CEO of the company's 100% owned subsidiary Imaging Biometrics LLC, has subscribed for the remaining GBP18,500.
Brown now owns in 36.1 million shares in the firm, or 30%. Following the issue he also holds GBP546,926 of loan notes.