OpenLearning (ASX:OLL) reached an agreement to extinguish outstanding debt and convert it to equity with its largest shareholder, Education Centre of Australia (ECA), according to a Thursday Australian bourse filing.
Per the deal, the outstanding debt will convert to shares at a price of AU$0.0174, subject to shareholder approval. This will fully extinguish its AU$2.12 million outstanding debt obligations to ECA.
Following this conversion, AU$1 million of funds will be available for drawdown in the loan facility with ECA.
Its shares rose 8% on market close on Thursday.
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