Iconic Labs PLC Finance Update and Intention to replace facility (6441Y)
10 Settembre 2020 - 12:46PM
UK Regulatory
TIDMICON
RNS Number : 6441Y
Iconic Labs PLC
10 September 2020
Iconic Labs Plc ("Iconic Labs" or the "Company") announces
intention for no further notices of drawdown and replacement of
facility
Iconic Labs Plc (LSE:ICON) (the "Company"), a multidivisional
new media and technology business, today announces that under the
previously announced financing facility (the "Facility") with
European High Growth Opportunities Fund ("EHGOF"), the Company has
notified EHGOF that it does not intend to serve any further notices
to draw down under the Facility as of immediate effect and will
seek to replace the Facility. This will include reaching an
agreement to effect the repayment or cancellation of all existing
accrued convertible debt under the Facility.
With the Company now experiencing material growth in activity,
partially due to the management services contract with JOE Media,
the Company intends not to serve any further notices to draw down
under the Facility going forward.
Instead, and consistent with the previously announced intention
of the Company to move towards conventional financing, the Company
intends to replace the variable conversion price financing
structure of the Facility with organic funding from revenues
together with conventional issuance of ordinary equity capital and
non-convertible debt. The Company will aim to restructure its
financing in the next quarter and will provide updates in due
course.
John Quinlan, CEO of Iconic Labs, said: "With progress across
the business including the management services contract over JOE
Media, we now finally have an opportunity to explore more
conventional financing options for the Company going forward".
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information, please visit the Company's website
www.iconiclabs.co.uk or contact:
Damon Heath Shard Capital Partners Tel: +44 (0) 20 7186 9950
LLP
Iconic Labs ir@iconiclabs.co.uk
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END
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September 10, 2020 06:46 ET (10:46 GMT)
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