Eden Innovations (ASX:EDE) agreed to issue 23.2 million shares to strategic investor 7 Enterprises in order to fully satisfy an AU$2.2 million outstanding convertible loan, at a conversion price of AU$0.095 per share, according to a Monday Australian bourse filing.

The conversion removes the first ranking security over Eden's US property at 12395 North Mead Way, Littleton, Colorado, which became unencumbered, the filing added.

It also agreed with its loan holders, Arkenstone and March Bells, which is related to its directors Greg Solomon and Doug Solomon, as well as separately with its directors, to settle all outstanding debts and accrued director fees through the issuance of shares at the same price as the convertible debt, subject to shareholder approval.

It will issue 12.5 million shares to Arkenstone and March Bells to settle outstanding debt of AU$1.2 million, 5.7 million shares to Greg Solomon, and 1.2 million shares to Doug Solomon to settle accrued director fees from Oct. 1, 2023, to Jan. 31, as well as 662,463 shares to Allan Larsen to settle accrued director fees from Feb. 1, 2023, to Jan. 31.

Its shares jumped nearly 8% in recent trading on Monday, reaching a three-year peak.