Mission NewEnergy gets OK from holders to exchange convertibles

By Toni Weeks

San Diego, Nov. 20 - Mission NewEnergy Ltd. said that all of its existing noteholders representing 505,904 series 2 convertible notes have agreed to exchange their notes for new 0% series 3 convertible notes on the basis of one new note for each existing note.

If the offering is approved at a Nov. 23 shareholder meeting, the company will have 505,904 series 3 convertibles. Settlement is expected to occur five days after the meeting.

As previously reported, the new notes will convert into 433 ordinary shares at a conversion price of A$0.15 per share, which the company said more closely reflects the current market price.

Mission NewEnergy is a biodiesel producer and provider of sustainable, renewable energy based in Subiaco, Western Australia.

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