JX Energy (HKG:3395) shared an update regarding the payment of the outstanding $1.5 million loan under an agreement entered March 19, stating it will settle the amount in cash, through a share issue, or both, a Thursday filing with the Hong Kong bourse said.
The loan, granted to the company by Liu Zhixue in March, is falling due Dec. 10.
If the parties agree on a share issue for settlement, the loan is convertible into around 58,932,088 shares at HK$0.20 apiece.
The shares represent 10.13% of the oil and gas exploration company's enlarged issued share capital.
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