Hawkwing plc (LSE:HNG) entered into non-legally binding heads of terms to acquire Internet Fusion Ltd. on July 12, 2021. The consideration is expected to be at an enterprise value of £115 million, with the consideration being satisfied by the issue of Hawkwing shares at 6 pence per shareFollowing completion of the proposed acquisition, it is intended that the enlarged group will be Chaired by John Browett and the Chief Executive Officer will be Joe Murray. As of August 12, 2021, Hawkwing as successfully raised £16.5 million through the issue of convertible unsecured loan notes (the "Loan Notes") (the "Loan Note Financing").

The Loan Notes are convertible ("Conversion") at 6p per ordinary share (the "Conversion Price") and will be automatically converted into new ordinary shares of nominal value 2 pence each in the capital of Hawkwing ("Ordinary Shares") on completion of the Transaction. If the IFG Acquisition has not occurred by March 31, 2022, a Loan Noteholder may, within 28 calendar days following publication of the Company's results for any full year or interim period, require Conversion of all or part of the Loan Notes into Ordinary Shares at the Conversion Price. Interest will be payable from the date of issue of the Loan Notes until the date of Conversion.

The transaction is subject to entering into binding agreement on mutually acceptable terms.