EHGO2 Nov 2023 13:05
How are EHGO going to get their £3 million lone back if Iconic Labs doesn’t have any business that makes revenue and profits that leads to share price increases. The prospectus that was given to EHGO must have contained some different information that convinced EHGO to go ahead and approve the loan. Also i think EHGO will be getting regular updates
that confirms their £3 million loan is safe. Otherwise why would they still allow Iconic to drawdown from the loan, knowing that the share price has tanked. These are just my thoughts, so please no abuse, just ignore me if I’m talking S??T.
Under the Financing Facility, EHGO will provide Iconic with up to £3 million by subscribing for up to 3,000 Notes, each with a par value of £1,000, convertible into new ordinary shares in the Company, with the Warrants attached. Each Note is convertible into shares of Iconic at a conversion price equal to highest of a) 90% of the lowest volume-weighted average price of the 15 trading days prior to delivery of a conversion notice and b) the nominal value of the shares. Iconic is to pay a commitment fee of £ 150,000 in Notes under the terms of the Financing Facility