LONDON (Alliance News) - Oxus Gold PLC Wednesday said Darwin Strategic Capital Ltd has converted its last remaining convertible loan notes, but said further notes could be issued to Darwin in the future under a deal signed back in October.
Darwin has converted its last remaining notes, worth a total of GBP100,000, into over 3.7 million shares at a price of 2.693 pence per share.
Oxus shares were down 4.4% to 4.01p on Wednesday afternoon from its opening price of 4.20p.
Following the conversion, Darwin does not hold any further convertible loan notes, but Oxus said it may issue further notes to Darwin pursuant to an agreement signed between the pair in early October.
Under that deal, Oxus agreed to issue up to GBP1.2 million worth of notes to Darwin and issued the GBP100,000 worth that was converted Wednesday when the deal was completed. Under that deal Oxus also agreed to issue Darwin with warrants exercisable at 5.25p per share over the next five years.
Oxus may place up to GBP100,000 of loan notes every four weeks, for a minimum of a year, subject to Darwin's consent. Loan notes will be placed at a price of 90% of the par value of each loan note, and Darwin itself will subscribe for any loan notes and warrants that are not placed with investors.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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