IamFire Plc - WeShop £2m Further Subscription PR Newswire

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.