Logo Rebuild & Favicon PNG

I have an existing logo that sits on a coloured background. I need you to pull the text off that background so it can float cleanly over any colour on my site, then create a separate PNG containing only the letter “M” for the site’s favicon... (Budget: $10 - $11 AUD, Jobs: Adobe Illustrator, Graphic Design, Illustrator, Logo Design, Photoshop, Vectorization, Web Design, WordPress)