Impact Minerals Limited: Squadron Increases Equity by Conversion of Notes
Perth - Impact Minerals Ltd. (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 Ltd. (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. 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.
Contact:
Dr Michael G Jones Managing Director
Impact Minerals Ltd.
T: +61-8-6454-6666
E: info@impactminerals.com.au