Events specialist Live Company Group PLC (AIM:LVCG) said ticket sales for its K-pop festival in Germany exceeded expectations as it confirmed it raised a further £400,000.
To date, more than 10,000 fans of Korean music from 40 countries have signed up for KPOP.Flex, which is being held in Frankfurt in May, despite only two acts being confirmed.
"We have been overwhelmed by the positive reception received for KPOP.Flex and the tickets sold to date reflect that this is a festival with plenty of demand,” said chairman David Ciclitira.
“Our partners both in Germany and Korea are delighted with the progress to date. We look forward to updating investors further as more artists are revealed."
To provide funding for KPOP-FLEX as well as the expansion of the concept and additional working capital for growth post lock-down, the group sold 11.5mln shares to a company called Monecor, which trades as ETX Capital, at a modest discount to Thursday’s closing price. It also issued warrants on a one-for-one basis exercisable at 5p.
In a comprehensive update, Live Company said it tweaked the terms of the deal to acquire race organiser E-Movement Holdings for £300,000 in order to pay £40,000 of the outstanding sum in shares.
Finally, investors were told the new Lego-themed BRICKLIVE tour, Brickosaurs Evolution, will be on display at Marwell Zoo from April to September next year under a multi-year contract it negotiated in 2019.