Major shareholder of Blackwell Global Holdings, Blackwell Global Group, has agreed to forgive the repayment of $200,000 of secured bonds issued by the company.
The decision was made at the request of the independent directors.
The forgiven funds, along with the company's available cash, will be used for the payment of ongoing compliance and administrative costs, as well as for the investigation of a reverse takeover transaction.
The board now plans to work with the shareholder to restructure the remaining balance of the secured bonds.
This may involve further forgiveness or the capitalisation of the bonds into ordinary fully paid shares.
The company's focus has shifted towards actively pursuing a reverse listing transaction.
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