Geopacific Resources Limited (ASX:GPR) has extended the maturity date of the short-term bearer bonds on issue with major shareholders, Deutsche Balaton AG and 2Invest AG, in exchange for a 4% prolongation fee payable at maturity. The extension results in a deferral of the bearer bond repayment date from 30 September 2024 to on or before 31 March 2025. All other terms in relation to the bearer bonds remain unchanged.
The Company is pleased to announce the extension of the maturity date of the bearer bonds, providing additional time for the repayment. The agreement with Deutsche Balaton AG and 2Invest AG to convert a portion of certain bearer bonds by applying approximately $2.8 million of monies owing to subscribe for shares in the Company at 2.1 cents per share demonstrates the continued support from our major shareholders. The Balaton Group Bond Conversion, subject to shareholder approval, is a strategic move that aligns with our corporate objectives and strengthens our financial position. We look forward to the Extraordinary General Meeting in October 2024 and remain committed to transparent communication with our shareholders and the market.
Geopacific Resources Limited (ASX:GPR) has successfully extended the maturity date of its short-term bearer bonds with major shareholders, Deutsche Balaton AG and 2Invest AG, to 31 March 2025. The agreement includes the conversion of a portion of certain bearer bonds by applying approximately $2.8 million of monies owing to subscribe for shares in the Company at 2.1 cents per share, subject to shareholder approval at an Extraordinary General Meeting scheduled for October 2024. This strategic move aims to strengthen the company's financial position and demonstrates the continued support from its major shareholders. The extension provides the company with additional time for the repayment, contributing to its ongoing financial stability. Geopacific Resources Limited remains focused on its corporate objectives and looks forward to the upcoming shareholder approval process and the potential conversion of bearer bonds into shares.