LONDON (Alliance News) - MX Oil PLC Tuesday said some of its loan note holders have decided to convert a portion of outstanding loan notes into shares.
MX Oil said the holders have decided to convert loan notes and accrued interest of GBP290,587.50 into 23.2 million new shares in the company priced at 1.25 pence each, an 8.7% premium to the closing price of MX Oil shares on Monday.
MX Oil shares were trading up 8.3% to 1.24 pence per share on Tuesday morning.
Following the transaction, the balance of the loan notes stands at GBP1.6 million.
One of the holders who converted their notes into shares was Non-Executive Director Nicholas Lee, who now holds a 0.21% stake in MX Oil following the transaction. Nicholas Lee converted loan notes worth GBP12,000, plus GBP300 interest to increase his shareholding to 984,000 shares.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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