Blackpearl Group (BPG) has announced an amendment to the promissory note entered with AZ Crown, a related party of BPG through BPG's director Tim Crown, in November 2022.
The note, worth NZ$2.4 million, is now an unsecured obligation of BPG and the two due dates for repayment of the note have been extended by 12 months each.
AZ Crown has also entered a conditional agreement with BPG to provide the ability to convert all or part of the amount owing to BPG ordinary shares at a conversion price of NZ$1.02 per share, with shareholder approval for this agreement intended to be sought at this year's annual shareholders meeting.
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