THE INFORMATION CONTAINED WITHIN THIS
ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
IamFire plc
AQSE: FIRE
(“FIRE” or the
“Company”)
Subscription for a
further £500k of WeShop Holdings Limited Convertible Loan Notes
IamFire plc is pleased to announce that, following its
acquisition of the right to subscribe for a Convertible Loan Note
Instrument (“CLN Instrument”) constituting up to £3,750,000
convertible loan notes in WeShop Holdings
Limited (“WeShop”), it has yesterday agreed to subscribe for a
further £500k of Convertible Loan Notes (CLNs) in WeShop.
This follows the Company’s subscription of £2m in the same
instrument announced on 29 November 2022.
The conversion price for these CLNs is £2 per consolidated
WeShop Ordinary Share. WeShop currently has a total of 28,668,415
consolidated Ordinary Shares in issue.
Should the Company elect to convert the entire £2.5m of CLNs
into WeShop shares, FIRE would receive 1,250,000 WeShop
consolidated Ordinary Shares comprising almost 4.4% of the existing
Ordinary Share capital of WeShop.
As a result of this subscription and the previous subscription
announced on 29 November, IamFire retains the right to invest up to
a further £1,250,000 on the same terms under the CLN
Instrument.
As announced on 22 December 2021 and 16 February
2022, FIRE has previously invested £4m in WeShop via an earlier
convertible loan note (announced on 17 November 2021). Should
the Company elect to convert this £4m CLN into equity in WeShop it
would be entitled to receive a further 1,333,333 WeShop
consolidated Ordinary Shares.
The Company also holds convertible loan notes issued
by Community Social Investment Limited ("CSIL" - formerly
known as WeShop Limited). CSIL is now, in effect, a
shell company holding 8,333,333 shares in WeShop. Should these CSIL
convertible loan notes convert, IamFire would own or control
approximately 25% of the issued share capital of CSIL entitling
IamFire to receive around 2.08m WeShop Holdings
Limited shares in the event of any in specie distribution of
CSIL assets.
On 21 November 2022, the Company released an encouraging
update on the WeShop soft launch of the platform in the United
Kingdom.
The Directors of the Company, who have issued this RIS
announcement, accept responsibility for its content.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
info@iamfireplc.com
Peterhouse Capital Limited
Corporate Advisor:
Guy Miller: + 44 (0) 20 7469 0930
(Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469
0930
Duncan Vasey: +44 (0) 20 7220 9797
(Direct)
About WeShop:
WeShop is a social commerce platform that allows users to shop
and help each other by reviewing, asking about or recommending
products. It is affiliated to the vast majority of the UK’s top
1,000 online retailers. Instead of rewarding the users with
cashback, discount codes or vouchers, WeShop allows users to earn
shares in the business.
WeShop intends to be 90% owned by its community of users, so the
more users shop, recommend and refer friends the more shares they
will own in WeShop and the more they will share in its financial
success. Users of WeShop buy products from retailers through
the platform, as they would normally, but in doing so they will
earn shares in WeShop and benefit from aggregation as a community
and the revenue streams generated from affiliate programs, data,
promotion and advertising that the community through WeShop will
generate.
WeShop intends to be the first truly shoppable social network owned
by its community of users. By creating a disruptive online
model it hopes to create a retail revolution which shares the
financial success of online businesses with the users of those
online businesses whose data, transactions and engagement has
created them in the first place.