Octanex largely facilitated its capital contributions to OPSB through a Sabah International Petroleum Ltd (SIP) convertible note facility, drawn to US$8million. Unless SIP elects to convert the convertible notes into Octanex shares (the drawn facility is comprised of two equal tranches of convertible notes, with conversion prices of $0.15 and $0.20), Octanex will be required to redeem the convertible notes at maturity (30 June 2019). Octanex is seeking to restructure the redemption terms of the convertible note in line with its share of projected shareholder loan repayments from OPSB.
Lots of shares to be issued by Conv Notes
Hot Trading Hot Capital
Octanex largely facilitated its capital contributions to OPSB...
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