Sunda Energy PLC (AIM:SNDA, FRA:GHA0) will issue 11.8 million new shares after Alumni Capital converted £110,000 of outstanding loan principal and financing charges into equity.
The AIM-listed gas explorer said Alumni converted £100,000 of drawn loan notes and a £10,000 finance charge at 0.9351p per share. The price represents a 15% discount to the lowest daily volume-weighted average price during the preceding 10 trading days.
Alumni will also receive 6.8 million warrants exercisable at 1.21563p per share, a 30% premium to the conversion price.
The new shares, equivalent to roughly 2.6% of Sunda’s enlarged capital, are expected to begin trading on AIM on 20 July.
