Icon Energy Limited (AU:ICN) has released an update.
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Icon Energy Limited has announced a debt conversion and conditional placement agreement with an investor involving the issue of 50 million shares to convert a $300,000 loan into equity and an additional agreement for the investor to purchase up to $600,000 in further shares, subject to shareholder approval. The shares will be issued at prices dependent on trading status and recent volume-weighted average prices, with the aim of managing the company’s debt obligations without exceeding a 19.99% ownership threshold for the investor.
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