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IRON BEAR RESOURCES LTD — Capital/Financing Update 2020
Jun 4, 2020
65091_rns_2020-06-04_c33f2cd5-fc20-46f9-a25d-128470f1a7e1.pdf
Capital/Financing Update
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ASX Release
5 June 2020
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Conversion of Debt
Cape Lambert Resources Limited (ASX: CFE) ( Cape Lambert or the Company ) is pleased to announce that it has come to an agreement with the following creditors and short term loan holder to convert up to $622,300 of current debt into equity (subject to regulatory approval) ( Debt Conversion ):
| Creditor | Services or Description | Debt to beConverted | Shares to beissued |
|---|---|---|---|
| Winance | Interest on loan facility andshortfallpayment amount | $279,000 | 186,000,000 |
| Okewood PtyLtd | Director fees and rent | $294,372 | 196,248,087 |
| Haven Resources PtyLtd | Director fees | $15,928 | 10,618,667 |
| Marnichar Nominees Pty Ltd ATF theHallemar Trust tradingas CRMS | Director fees | $33,000 | 22,000,000 |
| Total | $622,300 | 414,866,754 |
Based on a conversion price of $0.0015, the maximum number of securities to be issued pursuant to the Debt Conversion is 414,866,754 fully paid ordinary shares.
The Debt Conversion includes a portion of amounts owing to Directors of the Company with a view to preserving the company’s cash in the current challenging economic environment. The issue of 228,866,754 Shares ( Director Shares ) will be subject to shareholder approval at the Company’s next general meeting.
Excluding Director Shares, the remaining 186,000,000 Shares are proposed to be issued under the Company’s LR 7.1 capacity.
In addition to the above, the Company is in discussions with other creditors to convert up to $700,000 of current debt into equity on the same terms and conditions outlined above (subject to shareholder approval).
Announcement authorised for release by the board of Cape Lambert.
ENDS
For further information please contact:
Investor Relations
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+61 (0) 8 9380 9555 @Cape_Lambert [email protected] cape-lambert-resources-limited
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Cape Lambert Resources Limited ABN 71 095 047 920
32 Harrogate Street, West Leederville WA 6007
Phone: +61 8 9380 9555 Email: [email protected]
ASX: CFE