Minoan Group plc (GB:MIN) has released an update.
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Minoan Group Plc has reached an agreement to convert outstanding loans totaling £1,149,494 into new convertible loans, potentially reducing liabilities if converted at a premium to the current share price. The convertible loans are interest-free, except for one, and can be converted into ordinary shares at 1p each, which is about 90% above the previous day’s closing price. These financial maneuvers are part of Minoan’s strategy to improve its balance sheet ahead of development at Cavo Sidero, with updates on commercial progress and negotiations with the Greek government expected soon.
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