Tartana Minerals (ASX: TAT) agreed with an investor to lapse 500,000 convertible notes, due for redemption on March 5, without conversion, according to a March 7 filing with the Australian bourse.
The AU$500,000 principal will be converted into an unsecured cash advance, bearing 15% annual interest, paid monthly, the filing said.
The company will seek shareholder approval at its next general meeting to issue new convertible notes for the outstanding balance, also at 15% interest, convertible into equity at AU$0.10 per share with a 12-month maturity, the filing added.
If approval is not granted, the investor may demand repayment in cash, per the filing.
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