Finance Update and Intention to replace facility

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 LLP

Tel: [phone]

  Iconic Labs       [e-mail] 

 

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