GSTechnologies Ltd (LSE:GST) said it has received a notice from its loan facility provider to convert the remaining facility into new ordinary shares in the company.
As a result, the fintech said, the amount of US$285,000, plus associated interest of US$28,500, will become new ordinary shares of no-par value in the capital of the company.
The conversion price per share, under the terms of the loan facility, is 0.312936p, meaning the conversion will result in 81,189,907 new ordinary shares being issued.
Following completion, no amount or interest will remain outstanding under the loan facility.
GSTechnologies noted that application has been made for the shares to be admitted to trading on the Main Market of the London Stock Exchange and the Standard Segment of the FCA Official List.
Shares are expected to commence trading on 11 April.
On admission, the company said its issued share capital will consist of 1,763,222,277 ordinary shares, each with one voting right, although 60mln shares are held in treasury.