New Talisman Gold Mines has announced the issuance of 16.5 million ordinary shares as a partial conversion of a debt security.
The security, known as the Convertible Note, was issued to Hamish Brown and had reached maturity on Feb 23 2024.
The shares were issued to Brown at a price of $276,375, which represented a 15% discount on the 20-day volume-weighted average price of New Talisman shares.
However, the company noted that a full conversion of the note to ordinary shares would have contravened the 20% threshold of New Zealand's Takeovers Code.
The balance of the note will be renewed on existing terms for another 18 months, with the possibility of further conversion to shares within the regulatory framework.
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