IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has successfully raised £371,000 before expenses through the issuance of 20 million new ordinary shares at 1.5p each, alongside 4,733,333 broker option shares.
The total raised included £300,000 from the placing and £71,000 from the broker option exercisable by Peterhouse Capital Limited (LSE:CAPD).
These funds will support the ongoing development of its oral anti-tumour agent, which has fast-track designation status from the US Food & Drug Administration and is currently being studied in a phase I trial.
Admission of the new shares to the UK Listing Authority's Official List is expected around 1 March 2024, with trading to commence immediately.
This brings the company’s issued share capital to 221,709,789 ordinary shares, all of which are voting shares.