End of Existing Financing Agreement and Lock-In

RNS Number : 3945C

WideCells Group PLC

17 June 2019

 

17 June 2019

WideCells Group PLC ("WideCells" or the "Company")

End of Existing Financing Agreement and Lock-In

WideCells Group PLC, announces that the financing agreement entered into by the Company and the European High Growth Opportunities Securitization Fund (the "Investor") (see RNS dated 6 November 2018), pursuant to which the Company issued bonds convertible into ordinary shares of £0.0025 each in the Company to the Investor, has now expired. 

The Company understands that substantially all of the remaining bonds have been converted as a result of the notice referred to in the relevant release this morning.  The Company has requested that the Investor convert any remaining bonds, and the Investor has agreed to do so.  The Company therefore expects to be able to confirm within days that any and all further conversion has occurred.

The Company is also pleased that following any final conversions, the Investor has agreed to a lock-in in respect of shares representing no less than 5% of the issued share capital of the Company post this conversion.  The documentation has been provided to the Investor and it is proposed that the lock-in will be for a period of the no less than four months.

Progress in building Iconic Labs continues and the Board believes that it is now in a stronger financial position as business development activities continue and engagements are signed, as highlighted by the recently reported £1m plus engagement with a UK financial services company (see announcement dated 3^rd June 2019).  The Company has an aggressive growth strategy, including making targeted acquisitions and will, going forward, look to support its activities through more traditional forms of debt and equity issuance and will seek to avoid structures with variable conversion where possible.

Market Abuse Regulation (MAR) Disclosure - certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information, please visit the Company's website https://www.iconiclabs.co.uk/ or contact: 

Shard Capital Partners LLP	Broker - Damon Heath & Erik Woolgar	Tel: [phone]
St Brides Partners Limited	PR - Melissa Hancock & Isabel de Salis	Tel: [phone]

 

END

 

 

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