By Devika Patel
Knoxville, Tenn., Aug. 11 - Coretrack Ltd. said it will sell A$2.5 million of 9.5% convertible notes.
The 50 notes will have a face value of A$50,000 each. They will mature in 18 months and will be initially convertible into ordinary shares at A$0.22 per share. The conversion price represents a 22.22% premium to the Aug. 10 closing share price of A$0.18.
After six months, the notes will be convertible into shares at the lesser of A$0.22 per share and 80% of the daily volume-weighted average sale price of the shares for the five trading days immediately prior to the conversion notice.
Proceeds will be applied toward the auxiliary support equipment for the GT3000 drill rig, which is required to commence commercial operations, and general working capital.
Coretrack provides technological solutions to the oil and gas industry and is based in East Perth, Australia.
| Issuer: | Coretrack Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$2.5 million
|
| Notes: | 50
|
| Maturity: | 18 months
|
| Coupon: | 9.5%
|
| Price: | Par of A$50,000
|
| Yield: | 9.5%
|
| Conversion price: | Initially A$0.22; after six months, lesser of A$0.22 and 80% of daily VWAP
|
| Warrants: | No
|
| Pricing date: | Aug. 11
|
| Stock symbol: | Australia: CKK
|
| Stock price: | A$0.17 at close Aug. 11
|
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