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 of a
further £2m in to WeShop Holdings Limited Convertible Loan
Notes
Update on WeShop
Holdings Limited
1.
Execution of Option to Subscribe £2m into Convertible Loan Notes
of WeShop Holdings Limited (“WeShop”).
IamFire plc is pleased to announce that it has agreed to
subscribe a further £2m of an existing option to invest up to
£4,500,000 in Convertible Loan Notes (CLNs) in WeShop. This follows
a previous subscription of £2m which the Company announced on
22 December 2021.
On 17 November 2021, FIRE announced that it had agreed an
option to subscribe for up to £4,500,000 in to WeShop by way of
CLNs. The option is available to be exercised until 18
February 2022 in tranches of £500,000 or above. FIRE
will have the right to convert any CLNs subscribed for at a
conversion price of 75 pence per WeShop share on the
“Conversion Date”, which is 18 May 2023. WeShop shares
are currently trading on the JP Jenkins share trading platform.
WeShop has agreed to extend the option to subscribe for the
final £500k of CLNs from 18 February
2022 until 18 May 2022.
2. Update
on WeShop Holdings Limited
The Board of IamFire has been monitoring the development of the
beta release version of the WeShop platform to its early adopters
and has been in close touch with the execution team responsible for
the wider launch of the platform to the general public. All
aspects of the platform are working extremely well with
transactions being fulfilled through affiliate partners and earnt
shares in WeShop being credited to platform users. The
‘virality’ has been clearly evident amongst the early adopters and
further development work has been undertaken to optimise the front
end prior to wider launch.
3. Sandy
Barblett, Chairman of IamFire said:
“The Board is highly impressed with the progress that the
execution team at WeShop is making and the firmest of foundations
are being laid prior to the public launch of the platform.
Interactions amongst the early adopters have continued to grow
markedly and there is increasing evidence of network effects
primarily through recommendations and referrals amongst users
. This £2m further subscription will support the roll out of
the WeShop social commerce platform to the general public which we
look forward to with great anticipation.”
The Directors of the Company, who have issued this RIS announcement
after due and careful enquiry, 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.