Iconic Labs PLC Agreement (6999T)
26 Marzo 2021 - 10:01AM
UK Regulatory
TIDMICON
RNS Number : 6999T
Iconic Labs PLC
26 March 2021
26 March 2021
Iconic Labs Plc ("Iconic Labs" or the "Company")
Settlement reached with European High Growth Opportunities
Securitization Fund ("EHGOF")
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business announces that it has today signed a settlement
agreement with EHGOF with respect to claims made by EHGOF in
connection with alleged breaches of various finance agreements that
the Company had entered into with EHGOF.
Pursuant to the terms of the settlement agreement (I) the
Company has agreed to (a) be bound by the agreements previously
entered into with EHGOF; (b) issue an additional 80 convertible
notes (equivalent to GBP800,000) together with an appropriate
number of warrants under the terms of the finance agreements
shortly after the signing of the settlement deed; (c) issue a
prospectus within 3 months of the date of the settlement agreement
and convene a general meeting of shareholders to obtain relevant
corporate approvals relating to the issuance of shares under the
agreements entered into with EHGOF; (d) buy back any warrants where
the Company has insufficient corporate authorities to issue shares;
(e) a right of first offer in favour of EHGOF with respect to any
future variable rate equity financing that the Company may
undertake; and (f) make certain corporate governance changes (such
as the changes to the board of directors as have been recently
announced by the Company) and (g) to pursue various claims and
actions against certain former directors of the Company for loss or
damage inflicted on the Company; (II) EHGOF has agreed to provide
the Company, within 2 business days of the date of the settlement
agreement, with an interim loan of GBP310,000 in order to fund the
Company's issuance of a prospectus and to pay certain other amounts
(and such loan is to be refinanced through the issuance of 31
convertible notes to EHGOF ; (III) the exercise price of the
previously issued warrants (with an exercise price higher than
GBP0.0001) is amended to GBP0.0001; and (IV) all warrants issued
prior to the date of the settlement agreement are amended such that
the end of the warrant exercise period with respect to all such
warrants is extended to the date which falls five years from the
date of the settlement agreement. EHGOF retains certain rights
against the Company if it breaches the agreement, including the
right to commence proceedings to enforce all claims against the
Company. Provided certain conditions are met by Iconic, EHGOF has
agreed to an order being filed which stays the proceedings.
"Settling these claims with EHGOF was an immediate priority for
the board and me this week. We are pleased with the terms we have
negotiated and look forward to continuing to work productively with
EHGOF," said Brad Taylor.
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:
Iconic Labs ir@iconiclabs.co.uk
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END
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March 26, 2021 12:01 ET (16:01 GMT)
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