Company Announcements

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

4 May 2022 

Insig AI plc

("Insig AI" or the "Company")

Convertible Loan Facility Agreement and drawdown

Insig AI plc (AIM: INSG), the data science and machine learning group, is pleased to announce the Company has entered into a formal agreement for a £1.0m convertible loan note to be provided by Richard Bernstein, non-executive chairman of the Company ("Convertible Loan") as provisionally announced on 21 March 2022.

The key terms of the Convertible Loan are: 

·    £1.0 million total facility (principal) amount.

·    the loan is unsecured and repayable on or before 31 December 2022.

·    interest will be accrued from the date monies are drawn down under the facility at a rate of 5.0 per cent. per annum, repayable at the end of the term.

·    redeemable or convertible purely at the discretion of Richard Bernstein, at the earlier of the completion of an equity placing by the Company raising not less than £2.0m gross proceeds; and 31 December 2022.

·    if converted, the conversion price will be the higher of 35.0 pence per ordinary share of the Company and the prevailing share price at the date of conversion.  A conversion price of 35.0 pence per ordinary share represents a premium of approximately 35 per cent. to the closing share price of 26.0 pence on 18 March 2022.

The cash provided via the Convertible Loan will be draw in tranches as required by the Company. An initial tranche of £250,000 has been drawn down on the Convertible Loan.

The directors of the Company (excluding Richard Bernstein), having consulted with Zeus Capital Limited, the Company's nominated adviser, consider that the terms of the Convertible Loan are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please visit www.insg.ai or contact: