another convertible note exercised, page-2

Thanks motors,


Just out.


Notice is hereby given pursuant to section 708A (5) (e) of the Corporations Act 2001 (Cwlth) (“Act”). That on 9 July 2013,Golden Gate Petroleum Limited (“Company”) issued 45,882,358 fully paid ordinary shares in the capital of the Company.


Number of +securities issued or to
be issued (if known) or maximum
number which may be issued 45,882,358

So now they have no cash to pay the C/N interest so the note holders are accepting shares. Is this a new development or am I behind the times ?

1,000,000 Series 3 Convertible Notes converted
at $0.0017 (being 90% of 5 day VWAP prior to
the day on which the notice was received).

29,411,764 shares issued.

Series 3 Convertible Note Quarterly Interest
Payment. ($28,000) paid in shares.

16,470,594 shares issued at $0.0017 being 90%
of 5 day VWAP.