IamFire Plc - Extension of Placing Warrants and CLNs Option Dates

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”)

Extension to Expiry Date of 158,333,333 Placing Warrants

Extension to Expiry of Option to Subscribe for up to £3.75m of CLNs in WeShop Holdings Ltd (“WeShop”)

1.          Extension to Expiry Date of 158,333,333 Placing Warrants

IamFire plc announces that it has extended the expiry date of the 158,333,333 placing warrants, exercisable at 10 pence per share, that were attached to placing shares, pursuant to its fundraising announced on 14 December 2021. The expiry date has been extended from 17 December 2022 until 31 December 2023.  The extension covers the period that the Board believes will reflect the continued rapid expansion of the WeShop platform and progress towards a listing event on an international stock exchange.  

2.         Extension to Expiry of Option to Subscribe for up to £3.75m of CLNs in WeShop Holdings Ltd

The Company announced it had secured the right to subscribe for up to £3.75m of Convertible Loan Notes (“CLNs”) in WeShop on 6 July 2022.  The option to subscribe currently expires on 31 December 2022.  The Board is pleased to announce that it has negotiated an extension to this expiry date to 18 May 2023, which coincides with the conversion date of those CLNs, should the Company decide to convert.  So far, the Company has taken up the right to subscribe for £2m of the £3.75m CLNs as announced on 29 November 2022, leaving £1.75m of the option outstanding and subject to the new expiry date. 

The Directors of the Company, who have issued this announcement after due and careful enquiry, accept responsibility for its content.

REGULATORY ANNOUNCEMENT ENDS

Enquiries:

Company:
[e-mail]

Peterhouse Capital Limited
Corporate Advisor:
Guy Miller: + 44 (0) 20 7469 0930 (Direct)

Corporate Broker
Lucy Williams: [phone]
Duncan Vasey: [phone] (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.

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