Iconic Labs PLC Operations and Financing Update (4253Z)
September 18 2020 - 3:36AM
UK Regulatory
TIDMICON
RNS Number : 4253Z
Iconic Labs PLC
18 September 2020
Iconic Labs Plc ("Iconic Labs" or the "Company")
Operations and Financing Update
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business, today provides the following update.
New JOE Media contract
The Company continues to work under the management services
agreement with JOE Media, and is currently fulfilling a contract to
manage the production and distribution of bespoke social content
through JOE Media in the UK. Revenues from this new contract are
approximately GBP100,000, the contract has already commenced and is
scheduled to conclude in Q2 of 2021.
Going forward, the management services agreement will also
extend to JOE Media's Irish operations following the expected
completion of the acquisition of the JOE Media business in Ireland
by Greencastle Capital.
Completion of JOE Media Ireland acquisition
The Company has been informed that completion of the acquisition
of the JOE Media business in Ireland by Greencastle Capital has
been delayed from the guidance previously given and is now expected
to occur in early October. The Company does not expect any further
delay, and will take full operational control of JOE Media's Irish
business immediately on completion of that acquisition.
Negotiations with European High Growth Opportunities Fund
("EHGOF")
As previously announced, the Company intends not to serve any
further notices to draw down under the Financing and Settlement
Agreement entered into by the Company and EHGOF, going forward.
Discussions with EHGOF about settling outstanding amounts due under
the Financing and Settlement Agreement (see RNS dated 7 February
2020), and in respect for legacy debts are progressing well. As
previously announced, the Company intends to settle such amounts
from organic funding from revenues together with conventional
issuance of ordinary equity capital and non-convertible debt. The
Company remains on course to meet its aim of completing the
restructure of its financing in the fourth quarter of 2020 and will
continue to provide updates.
In the interim, EHGOF remains free to convert the outstanding
loan notes and/or exercise warrants already issued to EHGOF,
although it can only do so within the limits of the level of
authority that was granted to the Company at its general meeting
held on 27 February 2020 and as fully set out in the prospectus
dated 25 March 2020. In summary, the Company was granted authority
to issue new ordinary shares of GBP0.00001 each in the capital of
the Company ("Ordinary Shares") up to an aggregate nominal amount
of GBP300,000 as if the pre-emption rights contained in the
Companies Act 2006 did not apply, which would enable a total limit
of 30,000,000,000 new Ordinary Shares to be issued, with a limit on
the number of new Ordinary Shares that can be issued on an exercise
of the issuance warrants of 6,900,000,000 and a limit on the number
of new Ordinary Shares that can be issued on a conversion of loan
notes and warrants issued under the Financing and Settlement
Agreement of 23,100,000,000. Before any additional new Ordinary
Shares over and above these amounts can be issued, the Company
would require prior shareholder approval to be given and it is the
intention of the Company to replace the Financing and Settlement
Agreement rather than ask for such approvals.
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 LLP
Tel: +44 (0) 20 7186 9950
Iconic Labs ir@iconiclabs.co.uk
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