Woodbois Ltd confirmed that it will hold a general meeting of shareholders on 16 June with the aim of securing approval for a future issue of new shares, to support the company’s capital position.
The company, in a stock market statement, noted that talks are progressing which may include raising funds through the issuance of shares and/or reducing or rescheduling other debts of the group.
This follows an unexpected notice of termination for a US$6 million fully-drawn bank facility in April. Getting approval to issue shares will allow it to have flexibility to act quickly if required.