Chaarat Gold PLC has extended the maturity date of its secured convertible loan notes by a year to October 2022.
The extension has been approved with an adjusted conversion price of £0.30 per share.
A single interest payment will be due on the extended final repayment date of 31 October 2022 provided that no conversion or early repayment has occurred.
The loan notes can be repaid early in cash upon 10 business days' notice.
As of 31 October 2021, the principal amount outstanding of the loan notes would have been US$19.7mln plus accrued interest of US$ 6.7mln.
If all the loan notes convert on their amended terms, 70.2mln shares will be issued.
Chris Eger, Chaarat’s CFO said: "Chaarat had good discussions with the noteholders and is grateful for the continued support with a solution beneficial to all parties. The maturity extension allows the company to continue its organic and other growth plans."