The event, which takes place at the EL Rey Theatre in Los Angeles, is designed to raise the profile of the struggling U.K. magazine in the States.

In addition to Jane’s Addiction, which is picking up the Godlike Genius Award, trophies will go to Mick Jones of The Clash and Big Audio Dynamite for Inspirational Award and the Lemonhead’s “It’s a Shame About Ray” for Classic Album Award.

Jones’ current band Carbon/Silicon, which also features Tony James of Generation X, will perform, as will Lemonhead’s frontman Evan Dando.

Although the ceremony is closed to the public, it will be streamed live on MySpace.com, which is partnering on the event with Goldenvoice and NME.