Are TIRN the Convertible Notes talked about in TIRN Disclosure Doc, does it mean that if you buy TIRN now u have to pay more at settlement as per the following paragraph?
Convertible Notes
The Company has issued a total of 27,650,000 Convertible Notes to third party
investors at an issue price of 3 cents per note to raise a total of $829,500. These
Convertible Notes are non- interest bearing for the period of this Rights Issue and
thereafter interest is payable at 12% per annum (paid quarterly) payable in Shares at
market value.
The Convertible Noteholders, by providing the Company with the funds of $829,500,
have simultaneously sub- underwritten 27,650,000 Shares under this Rights Issue on a
priority basis. Accordingly, the Convertible Noteholders will be issued with the first
27,650,000 Shares which form the Shortfall and such issue will represent the
extinguishment of the Convertible Noteholders' sub-underwriting obligation. To the
extent the Shortfall is less than 27,650,000 Shares, the Convertible Notes will convert
to further Shares with a value equal to the difference between the Shortfall amount and
the amount required to place the Convertible Noteholders in a position where they
hold Shares to the value of $829,500.
HELP PLEASE??
- Forums
- ASX - By Stock
- TIR
- does tirn cost extra at settlement?
TIR
titan resources limited
does tirn cost extra at settlement?
-
- There are more pages in this discussion • 12 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add TIR (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online