Malcy’s latest16 Mar 2022 13:48
Empyrean advises that it has received a conversion notice to convert 8,750,000 Ordinary Shares at a conversion price 8p per Share under the existing Convertible Loan Note Agreement as announced on 16 December 2021. The Partial Conversion reduces the amount owing on the Convertible Note by £700,000.
This is crucially important as the more that the shares go up and leave scope for conversion of warrants, such as this, the ‘cheaper’ the well becomes and in due course if a farm-out becomes necessary less will have to be given up.