Business
Acquisition and Financing
Acquisition and Financing.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \nRNS Number : 0533I Iconic Labs PLC 06 August 2019 \n\n6 August 2019\nIconic Labs Plc (\"Iconic Labs\" or the \"Company\")\nAcquisition and Funding \n \nIconic Labs Plc (LSE:ICON), a multi-divisional new media and technology business is pleased to announce that it has agreed Heads of Terms to acquire social media agency Social Alchemist Limited (\"Social Alchemist\"), which will bolster Iconic Labs' offering, build critical mass within its social media consultancy division, enhance content generation and importantly provide proprietary distribution channels (the \"Acquisition\"). The Company is also pleased to announce that it has secured further financing for a gross amount of up to £1.375 million (\"the Financing\"), to provide capital to continue to resolve the outstanding legacy issues associated with the previous operating stem cell business, fund the cash consideration element of the Acquisition, as well as for general working capital purposes.\n \nSocial Alchemist is a social media focussed agency with three primary divisions which will complement and expand Iconic Labs' current services. Firstly, it provides social media consultancy, content production strategy and creation, primarily for white label branded campaigns, with clients including ITV and student focused platform TOTUM. Secondly, it operates multiple targeted social media-based platforms such as football focussed Stray Offside which cumulatively have over 12 million followers and provide extensive distribution for Social Alchemists' clients. The team provides access on these social media platforms to brands including TikTok and Vodafone and offers creative strategies for marketing campaigns to reach their target market/demographic. Thirdly, Social Alchemist creates original social video production for brands with clients including talent agency YM&U Group and brand agency Chekd Media.\n \nSocial Alchemist was founded by Jono Yates, ex Creative Lead at LADbible and Head of Influencer Marketing at Red Bull. He has worked with brands including McDonald's, Pepsi and Sony and has led award winning creative campaigns, both branded and editorial, receiving awards at Cannes and the Drum Awards for Digital Industries ('DADI's). Social Alchemist was started in October 2018 and has yet to produce or f...