The repayment was satisfied by the payment of $500,000 in cash and the issue or transfer of share worth $2.5 million.
ASF is still in negotiation with Star Diamond for possible further conversions and when the basis of conversion is agreed, a further announcement will be made.
The reduction of the $9 million convertible facility by $3 million reduces some of the stock overhang presented by the facility.
This leaves the company more leveraged to any upside potential.
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