(“IamFire” or the “Company”)
Option to conditionally acquire 10% of the issued share capital of
Bio2pure is a British biotechnology company with its manufacturing facility and R&D facilities in the North West of England. Its principal technology is an advanced bioremediation solution which has multiple applications including cleaning large and small bodies of water (lakes and ponds), increasing efficiency in wastewater and sewage treatment plants, land remediation and unblocking sewage drains. To date the technology has successfully treated over 1 trillion litres of water.
As a result of the COVID-19 pandemic, the company is also researching the possibility of using some of its partners technology to combat the current risks caused by enveloped viruses including COVID-19 for the retail, industrial and medical markets.
The company is chaired by Mr
CEO & Director, Burns Singh Tennent-Bhohi statement,
“Global capital is actively searching for industries that can demonstrate social change, impact and equality with compelling commerciality. The collective ingredients aforementioned are rarely executed within one collective entity. Bio2pure has scalability, decades of world-leading science and a world-renowned management team.
Upon review, the Board and I have been both fascinated and compelled by the opportunity to capitalise a transaction that makes commercial sense and ensures a positive and sustainable social impact. Whilst the technology has treated over 1 trillion litres of water over the last 20 years, the technology was recently purchased by Bio2pure who with their global network are planning to roll out the technology internationally. This is just the start of the journey for Bio2pure, in an enormous market. The statistics around the water crisis are truly shocking and Bio2pure have a proven technology which is efficient in both performance and price to give maximum human impact at a realistic cost.
Our firm belief is the corporate world is realising a world water crisis is upon us. Addressing this huge issue through increased Corporate Social Responsibility (CSR) participation with capital injections from Environmental, Social and Governance (ESG) funds and companies is responsible and positive.
In discussions to date we are also learning that the technology and science applied to Bio2pure’s proprietary water treatment has vast optionality in its application. This is critically important when investing in a product whose scalability can be cross sold for a multitude of purposes.
As we complete our final stages of review, I welcome all shareholders to visit the Bio2pure website [https://bio2pure.com].
Option to Purchase 10% of Bio2pure
IamFire has capitalised the option through a donation to the World Water Crisis [https://worldwatercrisis.org] for which the value of the donation is being matched by
The terms of the acquisition enable
The shares shall be restricted for a period of 12-months from admission of the consideration shares, and 25% shall become freely tradeable in the event the VWAP of
-- FIRE has an exclusive option to purchase 10% of Bio2pure for a period of up to 45-days from today’s announcement. -- The option has been capitalised through a donation to World Water Crisis, the Company’s donation shall be matched by
Bio2pure Limited. -- Under the terms of the option, FIRE can acquire up to 10% of Bio2pure for, £800,000 payable through the issue of 4,000,000 new ordinary shares (the “Consideration Shares”) at a price of 20p per share. -- The consideration shares shall be subject to a period of restriction of, 12-months post-issue. 25% of the shares issued under the terms of the acquisition shall be freely tradeable in the event FIRE’s VWAP exceeds, 50p for 10-consecutive trading days. -- Should the acquisition proceed, FIRE will form an advisory committee with Bio2pure which would consist of management from both FIRE & Bio2pure. -- The option shall only be exercisable in the event, shareholder consent is received at the upcoming, AGM on the 27th July (refer to news release, 3rd July 2020) whereby IamFire have sought to broaden its investment policy to include investments in the Biotech industry.
The Directors of the Company accept responsibility for the contents of this announcement.