IamFire Plc Further £2m Subscription of WeShop CLNs

 
TIDMFIRE 
 
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 £2m of WeShop Holdings Limited Convertible Loan 
                                     Notes 
 
Further to its announcement on 6 July 2022, 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 £2m of Convertible Loan Notes (CLNs) in WeShop. 
 
Following a 4 for 1 share consolidation in WeShop Holdings Ltd, the conversion 
price has been amended to £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 today's £2m CLN into WeShop shares, FIRE 
would receive 1,000,000 WeShop consolidated Ordinary Shares comprising almost 
3.5% of the existing Ordinary Share capital of WeShop. 
 
IamFire retains the right to invest up to a further £1,750,000 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. 
 
Sandy Barblett, Chairman of IamFire said: 
 
"The Board continues to be impressed with the progress that the WeShop platform 
is making.  Early adopters have introduced their networks and there is 
increasing evidence of viral network effects as a result of recommendations and 
referrals. Today's £2m further subscription will continue our support of the 
WeShop social commerce platform and continue to drive subscriber numbers." 
 
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. 
 
 
 
 
 
END
(END) Dow Jones Newswires
November 29, 2022 05:32 ET (10:32 GMT)
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