RTO's major shareholder, Blackwell Global Group, has agreed to capitalise $250,000 of the company's debt into 62.5 million new fully paid shares and forgive the repayment of the remaining $100,000 of secured bonds.
This development means that RTO will no longer have any liability to the shareholder.
The company's board believes that this is an excellent outcome, strengthening RTO's balance sheet and making it an attractive vehicle for a reverse takeover transaction.
The freed-up funds, along with the company's additional free cash, will be used to pay ongoing compliance and administrative costs and investigate a reverse takeover transaction.
The focus now is to pursue a reverse listing transaction actively.
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