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Proposed Variation to Terms of Convertible Loan...
Proposed Variation to Terms of Convertible Loan....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Proposed Variation to Terms of Convertible Loan Notes\n \n \n\n \n Mercator Gold Plc\n \n \n\n \n \n \n MERCATOR GOLD plc\n \n \n (“Mercator Gold”, “Mercator” or “the Company”)\n \n \n AIM: MCRUS OTC: MTGDY\n \n \n Proposed Variation to Terms of Convertible Loan Notes\n \n \n London 14 September 2010\n \n \n Mercator Gold plc, the diversified mineral and renewable energy \n development company, announces that it has today despatched notice of an \n extraordinary meeting (“the EM”) of holders of the unsecured convertible \n loan notes of principal amount £2,565,000 (“Loan Notes”) issued by the \n Company and constituted by a loan note instrument dated 17 October 2007 \n (“the Loan Note Instrument”). The purpose of the EM is to seek the \n approval of Loan Note holders to vary the terms of the Loan Note \n Instrument.\n \n \n Subject to the extraordinary resolution to be put to the EM being \n passed, the terms of the Loan Note Instrument are to be varied as \n follows:\n \n \n \n The Loan Notes are to be repayable on 17 October 2013, a 3-year \n extension to the current repayment date\n \n \n Conversion of the Loan Notes at the election of Loan Note holders may \n take place at 1.1 pence per share at any time after the date of the EM\n \n \n The rate of interest carried by the Loan Notes is to be set at 10% per \n annum\n \n \n All other terms of the Loan Notes are to remain the same\n \n \n \n The Company would retain the ability to:\n \n \n \n Repay the Loan Notes early, subject to the right of Loan Note holders \n to elect to receive repayment in shares at the conversion price of 1.1 \n pence per share\n \n \n Purchase Loan Notes at any price and at any time by tender, private \n treaty or otherwise by agreement with the relevant Loan Note holder\n \n \n \n The EM will be held at the offices of Cobbetts LLP at 70 Gray’s Inn \n Road, London WC1X 8BT on Tuesday 28 September 2010 at 11.00am. A further \n announcement will be made following completion of the EM.\n \n \n For further information please contact:\n \n \n \n \n Mercator Gold plc\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Michael Silver, Chairman\n \n \n \n \n \n \n \n \n \n \n Tel: +44 (0) 20 7929 1010\n \n \n \n \n Patrick Harford, Managing Director\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \...