Ann: $0.5m Loan Provided by Chairman to be Converted into Shares, page-3

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12/10/23

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Post #: 70314257
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Originally posted by pjw777 ↑

Further to its announcement of 11 May 2023, Inca Minerals Limited (ASX: ICG; Inca or the Company) is pleased to advise that the Company’s Chairman, Adam Taylor, has elected to convert the loan, of $500,000 plus interest, that his company provided to Inca into Inca Minerals ordinary shares.

Subject to shareholder approval, the Company intends to allot and issue up to a maximum of 27,000,000 Shares as repayment of the loan plus interest (Shares). The Shares will be issued at an issue price no less than the volume weighted average price of Shares sold on ASX in the days between the drawdown date and the date of the General Meeting (30 June 2023 – 17 November 2023).

The issue of these Related Party Shares could increase the voting power of Adam Taylor and his associates to a maximum of 11.01% (from 6.13%). Where shareholders do not approve the conversion of the loan into ordinary shares, the loan plus interest will be repayable by Inca in cash by 30 June 2024.

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I will be waiting Kaleen magical views on this leadership move, putting his money where his mouth is Adam Taylor. Never did the departing Ross Brown back the company as Managing Director for 12 years do anything like this. Maybe its a hint too viewers of greater things to come.
Confidence in the face of challenging times that is for certain.

ICG Price at posting: 1.8¢ Sentiment: Buy Disclosure: Held
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Ann: $0.5m Loan Provided by Chairman to be Converted into Shares, page-3

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