Australia
Cape Lambert converts Winance loan into long-term equity as it seeks to enter rare earths sector
Cape Lambert Resources Limited (ASX:CFE) and Winance have agreed to convert a $2.2 million loan owed by CFE to Winance into long-term equity.
CFE executive director Tony Sage said: “It is fantastic news that Winance has decided to convert its debt into equity.
“It shows they have great confidence in our philosophy and management team. They also have indicated they will stay as long-term shareholders.”
The loan plus accrued interest and outstanding fees will be converted into equity (subject to receipt of shareholder approval) based on a share price of 0.4 cents on November 30, 2020.
“We like the vision of the company”[hhmc]
Winance director and CFO Waqas Ibrahim said: “We are excited to convert our debt into a long-term equity position into CFE.
“We like the vision of the company and its recent rare earths play.
“Our support over the period has been positively reciprocated through management's proficient decision making as we are delighted to see the company looking at acqui..
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