Iconic Labs (LSE:ICON) has received a notice of exercise from European High Growth Opportunities Securitization Fund for the aggregate principal amount of £0.14 million.
The media company entered into a new financing and settlement agreement to secure additional financing from the fundfor a gross amount of up to £5.0m with a commitment by the company to draw down on at least £2.0m of funding.
The new agreement follows the group’s former agreement announced on 6 August 2019 which saw it secure up to £1.375m with the Investor, with the funds to be used to resolve outstanding legacy issues, fund an acquisition and general working capital purposes.
Iconic Labs has now agreed to issue 1,555,555,554 of the Investor’s Conversion Shares and said an application will be made for these to be listed on the standard segment of the Official List and to trade on the Main Market for listed securities of the LSE.
Shares in Iconic Labs were trading 4.65% lower at 0.0103p on Thursday morning.
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