Sunda Energy plc has completed the conversion of the first tranche loan notes and issued warrants for a US$1.5 million drawdown.
TVRs
The three investors initially subscribed on 13 May and on 16 May converted all of the outstanding balance of their loan notes into ordinary shares of 0.025 pence each, at a 15% discounted conversion price of 0.03995 pence.
Sunda will issue a total of 3,125,594,493 new ordinary shares and grant 1,803,227,592 warrants to the investors.
Following admission, the company’s issued share capital will comprise 28,636,378,281 ordinary shares.
Sunda does not hold any ordinary shares in treasury.
Proceeds of the first drawdown, of the $9m conditionally raised in April, will fund Sunda’s share of costs for the Chuditch-2 gas appraisal well offshore Timor-Leste.