RE: Re: RNS18 Jan 2023 20:08
Trading4good,
I tend to agree with you, ie todays conversion notice relates only to the first $800K after reading both Dec and todays RNS.
Todays RNS is a bit confusing at first when it states, 'Following this conversion, a total of $525,000 principal amount remains outstanding under the Loan Facility', which at first makes you think they have drawn down $1,075,000, but the Dec RNS clearly states, 'The US$1.6 million Loan Facility is unsecured and can be drawn down in two instalments. The first instalment of US$800,000 has been drawn down and up to a further US$800,000 is available to be drawn down from 26 June 2023, subject to certain conditions being met.'
and in Dec's RNS it stated
'The amounts drawn down under the Loan Facility and the associated accrued interest is convertible into new ordinary shares of no-par value in the capital of the Company ("Ordinary Shares") at any time up until the Redemption Date at the election of the Loan Facility provider via service of a conversion notice.'
ie at the election of thr Loan Facility provider.