Under the new facility, SkyNetGlobal will repay the A$850,000 loan through the issuance of A$25,000 in shares every two weeks between 5 May 2005 and 17 August 2006. The shares will be priced at a 6% discount to the lowest ASX closing price in the 5 trading days prior to the payment settlement day. The loan includes an interest rate of 12% per annum. Until the loan principal is fully repaid, SkyNetGlobal will not draw down additional capital from its existing Cornell credit facility.
SKG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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