Metal Storm seeks holders' OK to extend convertibles by six months

By Susanna Moon

Chicago, July 12 - Metal Storm Ltd. said it will ask holders to extend the maturity date of its convertible notes by six months to March 1, 2012 at a meeting on Aug. 29.

The extension would give the company more time to raise capital, according to a company press release.

Given the short time until maturity, the company said it will seek approval from the majority noteholder to push back the maturity. Metal Storm said that it has consulted with the majority holder.

The board considers the length of the extension does not unduly prejudice the interests of holders and that noteholders will support the extension, the release said.

The company said it continues to seek potential investors and believes its efforts will be successful based on current progress.

Based in Brisbane, Australia, Metal Storm is a multi-national defense technology company.

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