Iconic Labs PLC Letter of Intent Signed : Sting Industries (0562Y)
10 Mayo 2021 - 02:12AM
UK Regulatory
TIDMICON
RNS Number : 0562Y
Iconic Labs PLC
10 May 2021
10 May 2021
Iconic Labs Plc ("Iconic")
Iconic Enters into Letter of Intent with Ott Ventures
Iconic Labs Plc (LSE:ICON), a cutting-edge media, data,
information, internet, security, and technology company is pleased
to announce that it has entered into a non-binding letter of intent
("LOI") with Ott Ventures, s.r.o. ("Ott Ventures"), an entity
closely affiliated with one of Iconic's key shareholders, Ott
Holdings Limited.
Under the terms of the LOI, Iconic would acquire a controlling
stake of unmanned drone company, Sting Industries Ltd. ("Sting")
payable in a combination of convertible notes, warrants and cash,
and provide a long-term financing facility to meet Sting's working
capital needs.
Sting's modular drones are used in a wide range of applications
for the military and security sectors. They provide close range
safety and protection by flying in front of the first person
through the door in demanding urban environments confronted by
special forces, military, police, and security personnel. In
addition, through the research and development associated with
these drones, Sting collects, processes, and analyses significant
quantities of data derived from flying and manoeuvring these
sophisticated drones in tight indoor spaces.
The non-binding LOI is subject to due diligence, finalizing a
long-term financing facility of up to GBP50,000,000 with European
High Growth Opportunities Securitization Fund ("EHGOSF"), obtaining
sufficient corporate authorities to facilitate the financing and
the acquisition of Sting by using convertible notes and warrants,
and the execution of definitive documents.
"I have worked with Ott Ventures and the affiliated companies in
Group Ott for many years and am delighted to have been able to sign
this letter of intent with them as I begin the process of building
a bold future for Iconic. Sting is an exceptional company. I look
forward to signing a financing facility with EHGOSF and completing
this transaction," said Iconic's Chief Executive Officer, Brad
Taylor.
**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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May 10, 2021 03:12 ET (07:12 GMT)
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