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