Back to all announcements

DJ IamFire Plc Corporate Update & Strategic Financing

25th June 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's focus 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 GBP500,000 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 GBP500,000 through the issue of 
20,000,000 ordinary shares of GBP0.0025p. The placing was conducted at a price of 
2.5p (GBP0.025p) 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 (GBP0.10p) 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 (GBP0.15p) 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/       Shares          Subscription    Total Shares    % of Total 
Related Party   Currently Held  Shares          After Admission Issued Share 
                                                of Subscription Capital 
Burns Singh     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        625,000         400,000         1,025,000       3.6% 
plc (AQSE:BUD)* 
*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 8th July 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 GBP0.0025 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 
IamFire plc: 
Burns Singh Tennent-Bhohi (CEO & Director) 
Direct Office Line: +44 (0) 20 3778 0755 
Peterhouse Capital Limited 
Guy Miller: + 44 (0) 20 7469 0930 (Direct) 

(END) Dow Jones Newswires

June 25, 2020 02:00 ET (06:00 GMT)