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21.5¢ strike energy limited

Flow test due date?, page-79

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rick23

1,312 Posts.

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11/10/19

10:00

Post #: 40829819
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Originally posted by rexsh ↑

Rick

"Additionally, Orica has agreed to extend the date for repayment by Strike of the $2.5 million loan made by it in 2013 from 30 June 2018 to 31 December 2021, effective upon execution of the New GSA. The loan will accrue interest from 15 July 2018 at 5.8% per annum and the principal and accrued interest will be convertible into Strike ordinary shares, in whole or in part at Orica’s election at any time after 1 September 2018 until the maturity date, at a conversion price that is equal to the 30‐day volume weighted average price but not less than 20 cents. The shares will be issued without shareholder approval. "

I think you will find that this is the conversion to equity that we saw a few weeks back. Orica have elected to convert this loan into an equity position in STX rather than calling on the repayment.

IMO

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Hi rexsh.

I read it differently.

As per the article - "...It will need to repay a gas prepay to Orica..."

http://www.strikeenergy.com.au/wp-content/uploads/2017/08/20170817_Orica-GSA.pdf

"Orica to have a right to repayment of the $7.5 million prepayment for gas made by it under the Existing GSA in certain defined circumstances relating to the progress and development of the targeted 50TJ/day project. "

STX Price at posting: 26.5¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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