Investment in IQ-AI Limited and RPT

11 October 2024

Braveheart Investment Group plc

("Braveheart" or the "Company")

Acquisition of Interest in IQ-AI Limited

and

Related Party Transaction

Braveheart Investment Group (AIM: BRH), announces the acquisition of 65,415,862 ordinary shares of 0.1 pence each in IQ-AI Limited ("IQ-AI"), representing 29.51% of the issued share capital of IQ-AI, for a total consideration of £719,574.48.

45,761,083 shares in IQ-AI have been purchased from Trevor Brown, CEO of Braveheart, at a price of 1.1 pence per share, for a consideration of £503,371.91. A further 19,654,779 shares in IQ-AI Shares have been purchased from Free Association Books Limited ("FAB"), a company owned by the children of Trevor Brown, also at a price of 1.1p per IQ-AI share for a consideration of £216,202.57.

IQ-AI is an imaging software and healthcare diagnostics company, whose subsidiaries include Imaging Biometrics, LLC ("IB") and Stone Checker Software Limited. IB is a healthcare imaging software company that supplies medical technology solutions, regulatory consulting services and has a neuroimaging product portfolio. Stone Checker Software Limited is a supplier of technology solutions in the field of kidney stone analysis and kidney stone prevention. IQ-AI's ordinary shares are listed on the main market of the London Stock Exchange. Trevor Brown is the CEO of IQ-AI.

In the year ended 31 December 2023, IQ-AI made a loss before tax of approximately £0.62 million on revenue of approximately £0.6 million and as at that date had net assets of approximately £0.09 million. As at 30 June 2024, IQ-AI had net assets of approximately £0.43 million.

The independent directors of Braveheart were offered an opportunity to acquire a substantial stake in IQ-AI. They considered that IB is making progress in its Phase 1 Clinical Trial of gallium maltolate, as reported by IQ-AI on 13 August 2024. The IQ-AI business fits well with Braveheart's investment strategy and will make an attractive addition to Braveheart's investment portfolio at what the board considered is an attractive entry price.

Related Party Transaction

Trevor Brown and FAB are deemed to be related parties under the AIM Rules for Companies. The independent directors, being Qu Li, Susan Hagan and Vivian Hallam, consider, having consulted with Allenby Capital Limited, the Company's Nominated Adviser, that the terms of the purchase of the IQ-AI shares is fair and reasonable insofar as the shareholders of Braveheart are concerned.

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