GSTechnologies Ltd - Milton Keynes, England-based information technology solutions company - Receives conversion notice from its loan facility provider to convert remaining USD285,000 principal amount of loan and associated interest of USD28,500 into new shares. The conversion price will be 0.31 pence per new share, resulting in 81.2 million shares being issued to the provider. Following this, no principal amount or associated interest will remain outstanding under the loan facility.
On Wednesday last week, GSTechnologies said it cancelled its USD1.6 million loan facility, announced in late December, after one drawdown of USD800,000, meaning a second drawdown of the same amount is no longer available. A total principal amount of USD285,000 remained outstanding under the facility from the first instalment, but this was converted into company equity, as previous announced.
Current stock price: 0.43p, up 10%
12-month change: down 72%
By Greg Rosenvinge, Alliance News reporter
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Gstechnologies (GST)