Meeting To Extend Convertible Notes
Metal Storm Limited advises that it will hold a meeting of Note Holders on 29 August 2011 to vote on extending the maturity date of the Company's Convertible Notes by six months to 1 March 2012.
The Company continues to seek potential investors. This work is ongoing and based on current progress the Company believes its efforts will be successful. However, it is too early in the process for the timing or scale of such a transaction to be ascertained with any certainty.
Considering the short time remaining before the convertible notes mature, and having consulted with the largest Note Holder, the Company will now seek Note Holder approval to extend the maturity date by six months. The Board considers the length of the extension does not unduly prejudice the interests of Note Holders and believes that Note Holders will support the extension.
The maturity date extension, if approved, will provide the Company with additional time to pursue a further capital raising.
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