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RAIDEN RESOURCES LIMITED — Capital/Financing Update 2011
Jan 30, 2011
65675_rns_2011-01-30_2a39ece7-e234-4ab8-887c-fb1924512728.pdf
Capital/Financing Update
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SHELL VILLAGES AND RESORTS LIMITED ABN 68 009 161 522
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Suite 20, Level 3, 72 Pitt Street Sydney NSW 2000
31 January 2011
The Company Announcements Office ASX Limited
AMENDED AGREEMENT OF CONVERSION OF DEBT Further to Announcement made 30[th] December 2010 & Retraction of all 3Bs issued 31[st] December 2010.
SHELL Villages & Resorts Ltd (SVC) advised on 30 April 2010 that it had reached agreement with its major creditors to convert $2,112,413.70 of debt into equity by way of payment of cash $79,500 plus issuing 39,788,221 shares at $0.05.
The Company has had to amend its agreement with its major creditors due to the Company not being able to be in a position to apply for relisting on the ASX by 31 December 2010 . The delay in listing has been due to delays in finalising the 2009 and 2010 Audits preparatory to convening an AGM.
As per the Deeds of Release signed the Company will now issue shares to certain creditors in satisfaction of their debts at $0.025 and not at $0.05 as previously disclosed.
Address for all mail: GPO Box 5188 Sydney NSW 2001 Australia Tel: +61412224225 Fax: +612 9232 8816
The arrangement regarding the conversion of the $950,000 Convertible Note has been retracted by the Company pending further negotiations as it fell due on the 31[st] December 2010.The Company will advise as soon as possible the outcome of negotiations regarding the debt.
The Company retracts the Appendix 3B issued on the 31[st] December 2010.
B PATKIN DIRECTOR & COMPANY SECRETARY [email protected]
Address for all mail: GPO Box 5188 Sydney NSW 2001 Australia Tel: +61412224225 Fax: +612 9232 8816