AIQ Limited announced it has entered into an unsecured convertible loan note agreement and has received £500,000 through the issue of unsecured convertible loan notes on January 24, 2022. The transaction included participation from returning individual investors including, Li Chun Chung, an Executive Director of the company for £250,000, Soon Beng Gee for £125,000 and Lee Ching Liang for £125,000. The Loan Notes have an expiration date of January 24, 2024 and can be repaid, in part or in full, by the Company on December 31 in any year prior to the Expiration Date by giving not less than 14 days' written notice to the Noteholders.

All outstanding Loan Notes attract interest at a rate of 5% per annum from the date of issue to the date of repayment or conversion. The Loan Notes will be convertible into new Ordinary Shares of the Company at the lesser of £0.11 per Ordinary Share or the Volume Weighted Average Price of the Company's Ordinary Shares on the London Stock Exchange in the seven-day period prior to the date on which the Loan Note is converted into Ordinary Shares. The Loan Notes will be convertible, in part or in full, at any time from the date of issue until the Expiration Date by the Noteholder giving to the Company at least one week's written notice.