Globe Metals & Mining (ASX:GBE) raised AU$300,000 via a convertible note issuance to help meet its short-term working capital requirements, according to a Thursday Australian bourse filing.
The note will be issued to an overseas investor, Jennifer Ping, and it has a face value of AU$300,000 with a six-month term to maturity and a coupon rate of 20% per annum.
Interest will be payable either in cash on the maturity date or upon conversion of the note into shares, as the noteholder chooses.
The firm may, at its sole discretion, decide to repay all or part of the face value and accrued interest at any time before the six-month maturity date, subject to paying an early repayment premium equal to 5% of the face value of the note.
Its shares rose 4% on market close on Thursday.
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