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  • Golden Gate Petroleum Extends Maturity Of Convertible Notes To 30 June 2014 0 comments
    Jul 23, 2013 2:08 AM

    Golden Gate Petroleum (ASX: GGP) has extended the maturity of its Series 1 Convertible Notes that represent a liability of $300,000 by mutual agreement to 30 June 2014.

    There are current 6 million Notes outstanding with a face value of $0.05. Interest is payable on these notes at the rate of 11% per annum, payable quarterly in arrears.

    These notes may be converted earlier than maturity date based on a conversion rate of 85% of the previous 10 trading days VWAP, or are repayable at maturity, subject to any further extension.

    The company is currently testing the gas lift system at the SRH-5H horizontal well and is examining several causes for the low production levels.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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