Entering text into the input field will update the search result below

Golden Gate Petroleum Extends Maturity Of Convertible Notes To 30 June 2014

Jul. 23, 2013 2:08 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.