xReality Group (ASX:XRG) entered into a conditional debt repayment and subscription agreement with its largest shareholder, Birkdale Holdings, in relation to its AU$4.6 million loan to the latter, according to a Wednesday filing with the Australian bourse.
The company plans to convert the loan facility into nearly 92.6 million fully paid ordinary shares at a subscription price AU$0.05 apiece via a placement, representing a 39% premium to the last closing price. The proposal is subject to shareholders' approval at the general meeting on April 30.
The enterprise software developer's shares were up 6% in recent trade.
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