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SUREFIRE RESOURCES NL — Capital/Financing Update 2017
Jul 4, 2017
65857_rns_2017-07-04_2b312bb2-fba9-4fc8-ba72-0ba6a6f293f0.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT ASX CODE: SRN
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5 July 2017
ASX Announcement/Media Release
Secured$500,000 convertible note facility from Australian based Corporate Adviser AD Securities Pty Ltd.
The Board of Surefire Resources Limited (ASX: SRN) (the Company ) is pleased to advise the market and shareholders that it has entered into a mandate agreement with the Australian based Corporate Advisory firm, AD Securities Pty Ltd ( AD Securities ) to raise up to $500,000 through the issue of convertible notes to professional and sophisticated investors ( Notes ) .
Key terms of Notes:
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up to 10 Notes, each with a face value of $50,000
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convertible into fully paid ordinary shares in the Company at a conversion price of $00.001 per share
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maturity date of one year from the date of issue
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coupon rate of 2% per annum paid at maturity
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secured over all the Company's assets
The Notes will be issued in two $250,000 tranches. The issue of the second tranche is conditional upon the Company:
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(i) obtaining shareholder approval in respect of the conversion of the Notes into shares; and
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(ii) reducing the Company's liabilities to an amount no greater than $300,000.
Funds raised from the issue of the Notes will be used by the Company to meet its current and future working capital and general operating obligations and commitments.
The parties anticipate that the first draw down will be completed within the coming 7-10 days.
Executive Director, Brett Clark, said “The Board is extremely pleased to have AD Securities and their investors to join the Company as a strategic partner.”
“This $500,000 initial investment gives the Board the extra security and confidence to pursue new strategic opportunities, both locally and abroad.” Mr Clark said.
For further information, please contact:
Surefire Resources Limited on 03 9982 4684
AUSTRALIA: Mezzanine Level, North Building, 333 Collins Street, Melbourne, VIC 3000 T: +61 3 9982 4684 ABN: 48 083 274 024 ASX: SRN E: [email protected]