Xtract Resources PLC (LON:XTR) has agreed a re-jig of the terms of a SEDA backed loan from 2013.
The arrangement is with YA II EQ, Ltd, formerly known as YA Global Master, which it owes around US$1.51 million.
In October 2016, Xtract and the investor agreed to schedule outstanding payments before interest due at US$0.10 million per month in 2016 and US$0.21 million per month in 2017, with a final repayment due on August this year.
This has now been modified so Xtract will pay US$0.12mln in cash to YA and instead of paying US$0.35 million will issue around 1.5bn company shares.
Now the outstanding debt is US$1.04 million, US$0.52mln of which will be satisfied by nine monthly cash payments beginning on July 1 at US$0.06 million per month for 2017, and on average US$0.06 million per month for 2018, and ending on March 1 2018.
The remaining US$0.52mln will be paid on April 1 2018, plus any accrued and unpaid interest.
YA Global may at any time under this supplemental agreement, convert all or any of the amount outstanding into new Xtract shares, the firm noted.