13th Dec 2023 14:04
(Alliance News) - Golden Rock Global PLC on Wednesday said it would be extending the terms of existing convertible loan notes issued to Executive Director Wei Chen.
The Hong Kong-based special purpose acquisition company issued the notes for aggregate gross proceeds of GBP100,000 on December 5 2022. The notes were unsecured, with a coupon payment of 12% and a conversion price of 3.1 pence per share.
The notes' initial maturity date of December 1 2023 has now been extended to June 30 2024, as the company's cash position means it is unable to repay the loan notes. No fee has been paid as a consequence and Chen has agreed to this extension.
At the time of issue, Golden Rock was in negotiations with a third party which would constitute a reverse takeover. Conversion of the notes was contingent on the company's entire issued share capital being readmitted to trading on the main market of the London Stock Exchange. These negotiations ceased, and the suspension to trading was subsequently lifted in July 2023.
Golden Rock is currently in negotiations to acquire the York-based communications company 2mee Ltd, which would also constitute a reverse takeover. The company says the transaction is "progressing in accordance with management's expectations".
Golden Rock was untraded on Wednesday, shares last quoted at 3.05 pence each on the London Stock Exchange.
By Hugh Cameron, Alliance News reporter
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