Impact Minerals Limited (ASX:IPT) major shareholder, the Andrew Forrest related Squadron Resources Pty Ltd, continues to build its interest in the gold, silver and base metals explorer.
Squadron has lifted its stake to 14.8% by the conversion of $2 million in convertible notes it held in Impact.
The notes were held under the terms of a three year investment agreement Squadron signed in August 2015.
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Under the terms of the agreement more than 148 million shares will be issued to Squadron within five business days.
Squadron is able to convert the notes into shares at a conversion price which is the lower of $0.021 cents per share or 80% of the 30-day Volume Weighted Average Price prior to the date of the conversion notice.
The latter applied and the price of each share was $0.0135.
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During the December quarter Squadron rotated its nominee director on Impact’s Board.
Felicity Gooding resigned as a director and Eamon Hannon was appointed as a non-executive director effective 30 November 2017.
As well as being a director of Squadron, Hannon is managing director of Buxton Resources Limited (ASX:BUX) and previously worked for Fortescue Metals Group (ASX:FMG).