(Alliance News) - Iconic Labs PLC on Tuesday said European High Growth Opportunities Securitization Fund has exercised its conversion rights under convertible bonds, resulting in the issue of 2.43 billion shares.
Shares in Iconic were down 12% at 0.012 pence in London in late morning trading, making 2.43 billion shares worth GBP291,600.
The convertible bonds were issued under the fourth and fifth tranches drawn down under a financing and settlement agreement for an aggregate principal amount of GBP170,000. This conversion resulted in the issue of 2.43 billion new shares to the investor.
Following admission, Iconic will have 14.09 billion shares in issue, so the 2.43 billion new shares will represent 17% of the total.
By Anna Farley; annafarley@alliancenews.com
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Iconic Labs (ICON)