How many shares the following converts to? I keep coming up with a very large number of shares to be added to the register over the following year.
Page 35 2009 Annual
NOTE 12: INTEREST-BEARING LIABILITIES
Current Convertible notes unsecured 810,000
Non current Convertible notes unsecured 250,000
(a) Terms and conditions
Convertible notes issued:
Issue Date $Amount Interest Rate Convertible on or Before
1 April 04 200,000 12% per annum 15 June 2010 (i) 31 March 08 200,000 12% per annum 30 April 2010 (ii) 1 June 08 410,000 12% per annum 1 June 2010 31 December08 250,000 12% per annum 31 December 2010
Total 1,060,000
The notes are convertible into shares at any time on or before the conversion date at the option of either the Company or the lender.
The notes issued in April 2004 are convertible to shares and options at the option of the holder at the lower of $0.02 or 80% of the average weighted price of the shares traded on ASX during the five business days before the date on which the notice of conversion is received by the Company.
The notes issued in March 2008 and June 2008 are convertible to shares and options at the option of the holder at the lower of $0.005 or 80% of the average weighted price of the shares traded on ASX during the five business days before the date on which the notice of conversion is received by the Company.
The notes issued in December 2008 are convertible to shares and options at the option of the holder at the lower of $0.0015 or 80% of the average weighted price of the shares traded on ASX during the five business days before the date on which the notice of conversion is received by the Company.
If the lender has not been repaid and has not converted 30 days prior to the end of the term of the notice, the Company, by issuing a notice to the holder, may convert the notes to shares and options as per the conversion terms and conditions.
If the lender has not converted by the end of the term of the note, the Company must repay the lender.
(i) The convertible notes issued on 1 April 2004 were not converted on 15 June 2009,as they were extended for a further 12 months.
(ii) The convertible notes issued on 31 March 2008 were not converted on 30 April 2009, as they were extended for a further 12 months.
CAI Price at posting:
1.4¢ Sentiment: None Disclosure: Held
(20min delay)