I Synergy Group Limited (ASX: $IS3) Announcement Overview

I Synergy Group Limited (ASX: $IS3) has announced the issuance of 50,000,000 ordinary shares at a deemed price of $0.002 per share under the Convertible Note Facility. The company has also withdrawn resolutions 5 and 6 from the upcoming Annual General Meeting (AGM) and repaid the outstanding loan facility provided by director Dato' Lawrence Teo.

Executive Commentary

Following a review of our current and forecast cash position, we have decided to issue 50,000,000 ordinary shares at a deemed price of $0.002 per share in accordance with the Conversion Notice received under the Convertible Note Facility. Additionally, we have withdrawn resolutions 5 and 6 from the upcoming AGM and settled the accrued director fees from calendar year 2023 in full by cash. Furthermore, we have repaid the outstanding loan facility provided by director Dato' Lawrence Teo, considering our current and forecast cash position.

Summary of I Synergy Group Announcement

I Synergy Group Limited (ASX: $IS3) has taken significant steps by issuing 50,000,000 ordinary shares at a deemed price of $0.002 per share under the Convertible Note Facility. The company has also withdrawn resolutions 5 and 6 from the upcoming AGM and settled the accrued director fees from calendar year 2023 in full by cash. Additionally, the outstanding loan facility provided by director Dato' Lawrence Teo has been repaid, and the facility has been terminated with no further drawdowns. These actions demonstrate the company's commitment to managing its cash position and financial obligations. Looking ahead, I Synergy continues to focus on its socially responsible technology initiatives, aiming to positively impact society through innovative digital solutions.