TXO has reached a settlement with its two remaining convertible lenders whose aggregate convertible loan amounts of £543,200 are due for repayment on 31 December 2013 (the "Lenders").
One of the Lenders has agreed to an extension of its £300,000 convertible loan agreement from 31 December 2013 to 31 October 2014. The Company has entered into an agreement with the other Lender, Swandale Limited, as described below.
Agreement with Swandale Limited
On 8 November 2011 and 6 September 2012, the Company and Swandale Limited ("Swandale") entered into convertible loan agreements ("Original CLAs") in respect of a loans of £300,000 and £95,000 respectively ("Original Loans") made by the Swandale to the Company. On 18 March 2013, 66,000,000 new ordinary shares were issued by the Company to Swandale, leaving a balance of £243,200 ("Unissued Amount") to be converted into shares at a conversion price of 0.23p per share ("Conversion Price").