Amendments to terms of TOG Convertible Loan
Alpha Prospects Plc, the investment management company listed on the GXG Exchange and focussed on companies with fast growth and/or recovery prospects, announces that the amount of the Tasmania Oil and Gas Limited (“TOG”) Convertible Unsecured Loan owned by Alpha Prospects Plc (“the TOG CUL”) as at 13th October 2014 was £46,200, including interest.
TOG has agreed with the independent chairman of Alpha, Steven Freudmann, to:
- i. agree an extension of a year on the repayment date for 50% (£23,100) of the TOG CUL to 13th October 2015
- ii. increase the annual interest rate payable on the remaining TOG CUL, to 15% per annum from 14th October 2014
- iii. exchange the remaining £23,100 balance for TOG shares, at the agreed rate of 34.5p per share.