The Company wishes to advise that the maturity date for the Series 1 Convertible Notes has been extended by mutual agreement to 30 June 2014.
There are currently 6,000,000 Series 1 Convertible Notes outstanding with a face value of $0.05 representing a liability to the Company of $300,000. Interest is payable on these notes at the rate of 11% per annum, payable quarterly in arrears.
These notes may be converted earlier than maturity date based on a conversion rate of 85% of the previous 10 trading days VWAP, or are repayable at maturity, subject to any further extension.
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