() said today it has signed a settlement agreement with European High Growth Opportunities Securitization Fund (EHGOF) over alleged breaches of various finance agreements.
Among the list of conditions in the agreement, Iconic Labs will have to adhere to previous agreements, issue an additional 80 convertible notes (equivalent to £800,000) with warrants and issue a prospectus within 3 months of the date of the settlement.
Another condition is that Iconic pursues various claims and actions against certain former directors of the company for loss or damage inflicted on the company
“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 new chief executive Brad Taylor.
Read More: Iconic Labs PLC agrees settlement package with EHGOF