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IRON BEAR RESOURCES LTD — Capital/Financing Update 2022
Dec 6, 2022
65091_rns_2022-12-06_35a3356c-88dc-4002-96ea-5427dc83212b.pdf
Capital/Financing Update
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ASX
Announcement
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7 December 2022
CONVERSION OF DIRECTOR DEBT
Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) advises that it has come to an agreement with the Directors of the Company to convert $241,667 of current debt into equity (subject to regulatory approval) ( Debt Conversion ):
| Creditor | Service of Description | Debt to be | Shares to be |
|---|---|---|---|
| converted | issued | ||
| Chemfert International Pty Ltd | Stirling Ross director fees | $25,000 | 16,666,667 |
| CRMS (The Hallemar Trust) | Tim Turner director fees | $25,000 | 16,666,667 |
| Okewood Pty Ltd | Tony Sage director fees | $166,667 | 111,111,095 |
| WYN Contracting Pty Ltd | Will Scott director fees | $25,000 | 16,666,667 |
The debt will be converted based on a share price of $0.0015 per share. Given the Debt Conversions relate to amounts owing to Directors of the Company, the Debt Conversion is subject to shareholder approval at the Company’s next general meeting.
Announcement authorised for release by the board of Cyclone.
ENDS
For further information please contact:
Investor Relations Follow us +61 (0) 8 9380 9555 @cyclonemetals [email protected] cyclone-metals
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