Iconic Labs (LON:ICON ) has received a notice of exercise from European High Growth Opportunities Securitization Fund for the aggregate principal amount of £0.24m.
The media company entered into a new financing and settlement agreement back in February to secure additional financing from the fund for 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 news 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.
Shares in Iconic Labs Opened at 0.0118p and moved down to 0.0097p in early trade.
The convertible bonds were issued under the fifth and sixth tranches drawn down under a financing and settlement agreement for an aggregate principal amount of £0.240m.
This conversion has resulted in the issue of 3.42 billion new shares to the investor. It is also expected that Admission will become effective on or around 14th September 2020.
Following admission of the conversion shares, the Company's enlarged issued share capital will comprise 17,518,082,282 ordinary shares with voting rights.
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