The media and technology firm said the deal was an “innovative type of consultation service” that it will look to offer to a range of new clients going forward.
READ: Iconic Labs up as it secures new contract for JOE Media for the production and distribution of bespoke social content
Separately, Iconic said it is continuing to work under the management services agreement with JOE Media and it is currently fulfilling a contract to manage the production and distribution of bespoke social content through JOE Media in the UK, which is expected to carry a value of over £150,000.
The firm also said it has made “substantial early progress” in re-focusing JOE Media’s UK operations as well as increasing the sales pipeline for the third and fourth quarters.
Going forward, Iconic said the management services agreement will also extend to JOE Media’s Irish operations following the expected completion of the acquisition of the JOE Media business in Ireland by Greencastle Capital, which it said is due to occur in the “very near future”.
Financing facility update
In a separate announcement, the company also said that it has notified the European High Growth Opportunities Fund (EHGOF) that it does not intend to draw down under its previously announced financing facility and will seek to replace it after reaching an agreement to effect the repayment or cancellation of all existing accrued convertible debt under the facility.
“With the company now experiencing material growth in activity, partially due to the management services contract with JOE Media, the company intends not to serve any further notices to draw down under the facility going forward”, the group said.
Instead, Iconic said it will move towards conventional financing and replace the variable conversion price financing structure of the facility with organic funding from revenues together with conventional issuance of ordinary equity capital and non-convertible debt. The firm added that it will aim to restructure its financing in the next quarter and provide updates in due course.
“With progress across the business including the management services contract over JOE Media, we now finally have an opportunity to explore more conventional financing options for the company going forward”, Iconic chief executive John Quinlan said in a statement.
Shares in Iconic Labs soared 94.6% to 0.018p in early afternoon trading on Thursday.
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