3rd Feb 2023 15:37
(Alliance News) - Live Co Group PLC on Friday said it has signed an additional licence agreement with Jason Lee Byoung Goo, whereby he has licenced the StART Art name worldwide for use in an art-based blockchain product.
Under the terms of the agreement, Lee will pay Live Co GBP500,000 annually, split between a GBP300,000 cash element with the option to receive the remaining GBP200,000 on or before September 1.
The licence will be owned by a new Korean company that Lee is in the process of establishing.
The Surrey-based live events and entertainment company already has an existing deal with Lee for StART Art Korea, a global offshoot of the British art fair held at the Saatchi Gallery in London in October every year.
Live Co on Friday also said that it has received an unconditional offer for a prepayment facility, and has entered a deal for the provision of up to GBP500,000 short-term working capital in the form of an institutional placing agreement.
The facility will provide additional support for Live Co's short-term working capital requirements, as the company looks to deliver on two K-POP festivals and other contracts, whilst continuing to close further deals.
The company will draw down GBP217,474 gross as an initial prepayment. The investor, RiverFort Global Opportunities PCC Ltd, will on closing also subscribe for 5.7 million ordinary shares for a total of GBP56,543.16.
These shares will be used to settle, in part, future equity placings associated with the initial prepayment.
By Holly Beveridge; Alliance News reporter
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