Legacy Iron Ore (ASX:LCY) has provided more detail on a convertible note for $1 million signed with The Australian Special Opportunity Fund LP.
Key terms include:
- A$1,000,000 sum with a A$1,150,000 face value
- The Note comes with a commencement fee equivalent to $100,000 to be paid in shares at 90% of the average of three (3) consecutive daily VWAPs
- The investor can convert the Note into fully paid ordinary shares for an amount of between $50,000 and $150,000 at
the Conversion Price at their discretion at any time after the Lock-Up Period.
- The Lock-Up period being 90 days after execution of the Note.
- The Company has the option of redeeming the Note by paying the full face value during the Lock-Up Period.
- The Note contains a floor price of $0.03.
- The Term of the Convertible Securities is for 24 months
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.