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TALONX RESOURCES LIMITED — Capital/Financing Update 2017
Aug 20, 2017
65972_rns_2017-08-20_25e9c31b-2b8d-4f13-bfad-4c2a54ccf827.pdf
Capital/Financing Update
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21 August 2017
ASX CODE: MTB
The Board of Mount Burgess NL is pleased to announce the intention of Nigel Forrester CEO to convert to equity a part of his loan to the Company, subject to shareholder approval at the Company’s AGM to be held on 30 November 2017.
Since August 2011 Nigel and Jan Forrester have provided funding to the Company in progressive tranches through loans which as at 30 June 2017 totalled $1,556,360 including interest.
Subject to shareholder approval, the Company will issue 50,000,000 ordinary fully paid shares to Nigel and Jan Forrester which, with their existing shareholdings and if the number of shares on issue remain the same until approval is given, will make them a substantial shareholder of the Company with a holding of approximately 19.16%.
It is proposed that the conversion rate to be used be the VWAP of the shares for the five trading days prior to the issue of the shares following approval at the Annual General Meeting.
The Notice of Annual General meeting and Explanatory Statement being prepared will detail terms and conditions of the conversion.
ACN: 009 067 476 8/800 Albany Hwy East Victoria Park Western Australia 6101 Tel: (61 8) 9355 0123 Fax: (61 8) 9355 1484 [email protected] www.mountburgess.com