Interesting changes to original loan agreement....
The terms of the loan agreement are as follows:
Total notes: Minimum $4.0m to maximum $6.0m (At discretion of FPL)
Term: 4 to 12 months
Interest rate: 1.5% per month for first 4 months / 2.5% for following 8 months
Conversion: 0.7c (Utilising 25% issuing capacity and/or subject to shareholder approval)
Repayment: Noteholders hold all rights to convert to shares or redeem for cash (or a combination)
Security: Full 1st ranking security over all assets/production (100% Colorado and 50% JV Kentucky)
Trustee: Resilient Investment Group Pty Ltd.
Conversion rate was .007c
today they have converted at .003c
Interesting changes to original loan agreement....The terms of...
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