Luxembourg-based fund subscribes for notes under Iconic Labs facility

(Alliance News) - Iconic Labs PLC on Friday said Luxembourg-based investment fund European High Growth Opportunities Securitization Fund has subscribed for a GBP150,000 fourth tranche of convertible notes.

Iconic Labs is a London-based media and technology business focused on acquiring companies that operate in online media, artificial intelligence, and big data gathering, processing and analysis sectors.

Shares in Iconic Labs plunged 11% to 0.0055 pence each in London on Friday morning.

It said the tranche was under the GBP3 million financing facility agreed with the Luxembourg-based fund and entered into on September 28.

The Luxembourg-based fund's latest subscription takes the total subscribed under the facility to GBP700,000, with Iconic Labs issuing 150 convertible notes in return, alongside 468.8 million warrants with an exercise price of 0.016 pence each.

By Greg Rosenvinge, Alliance News reporter

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