Energy company, Energy World Corporation’s (ASX:EWC) major shareholder Energy World International intends to convert its US$25 million note into ordinary shares at AUD$0.50 cents each.
Energy World International will be issued with more than 62 million ordinary shares, which will increase the company’s shareholding to nearly 40 per cent from 37.5 per cent.
The notes were issued on 19 December 2014 for a term of five years.
Energy World Corporation Director Brian Allen said the company is extremely pleased to see the conversion of these notes two years ahead of schedule.
The company also secured a land agreement this week which will provide access and ownership of its power station to the main grid.
Shares in Energy World Corporation (ASX:EWC) closed 10.87 per cent higher to $0.26.