Impact Minerals Limited (ASX:IPT) Squadron Increases Equity by Conversion of Notes

Impact Minerals Limited (Impact) (ASX:IPT) advises that Squadron Resources Pty Ltd (Squadron) has increased its shareholding in the Company to 14.8% by conversion of the $2,000,000 of Convertible Notes (Notes) it held in Impact.

The Notes were held under the terms of the Investment Agreement with Squadron (see announcement dated 15 July 2015) and issued on 7 August 2015 with a term of 3 years from the date of issue.

Under the terms of the Agreement 148,148,148 shares will be issued within 5 business days.

Under the Agreement Squadron can convert the Notes into Impact shares at a conversion price which is the lower of 2.1 cents per share or 80% of the 30-day Volume Weighted Average Price (VWAP) prior to the date of the Conversion Notice which was 1.35 cents.


About Impact Minerals Limited

Impact Minerals Limited (ASX:IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>2,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGM's. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations.

 

Related Companies

Impact Minerals Limited