LONDON (Alliance News) - Independent Resources PLC Friday said it has opted to repay an outstanding GBP200,000, plus accrued interest of GBP17,143, due on its convertible loan notes through the issue of shares.
It has issued 452.4 million shares at a price of 0.048 pence for the repayment. Shares in Independent Resources were down 8.6% at 0.0640 pence Friday.
Independent Resources said it considers it in its best interests to repay the convertible loan notes with immediate effect to avoid further material interest payments accruing.
Additionally, Independent Resources will issue 75 million shares at the same price to repay GBP36,000 to a trade creditor.
"The company remains committed to conserving its cash and improving its liquidity and both these objectives are served by our decision to repay the outstanding principal and accrued interest on the company's convertible loan notes through the issue of equity," said Chief Executive Officer Greg Coleman in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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