Midwest IO, page-5

“We are very pleased with the outcome as it will clear the company of debt, introduce new major shareholders onto our register, and gives clear support to the development of the Mbalam-Nabeba iron-ore project by converting over half of the value of the notes into a production royalty when the project comes on line.”
The level of equity that the noteholders elected to receive then determined the rate of the proposed production royalty, which ranged from 1% to 1.24% of their share of revenue from the sale of the first 517-million tonnes of ore from the Mbalam Nabeba iron-ore project, in the Republic of Congo and Cameroon.
The notes, valued at A$132.86-million, have a maturity date of September 23, 2019, by which time Sundance would have to repay them.
Under the agreed deal, each noteholder was offered the opportunity to cancel their notes in exchange for Sundance shares representing between 30% and 50% of the redemption value of their notes, based on a share price of 0.4c each.