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Spring FG to change name; issue convertible notes, shares

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Spring FG to change name; issue convertible notes, shares

Spring FG Ltd. plans to change its company name, as well as issue convertible notes and new shares.

The company is proposing to change its name to WT Financial Group Ltd. to reflect the evolution of the group' business to include a greater focus on providing licensing and support services on a business-to-business basis under its Wealth Today Pty Ltd. dealer group.

The company will also change its ASX code to WTL upon approval of the name change.

In addition, the company plans to raise up to A$2.6 million via an issuance of convertible notes to investors. The notes will have maturity dates of between two and three years and carry an interest rate of between 8.25% and 8.75% per year. They will be convertible to up to a maximum of 40 million shares at
between 6.5 cents and 8.5 cents per share.

Moreover, Spring FG will issue between A$2,000 and A$30,000 of new fully paid ordinary shares in the company to shareholders. The shares will be issued at 5 cents per share.

The share issuance aims to raise about A$1 million to A$1.5 million. The offering will open on Oct. 4 and is expected to close Oct. 22.

The name change and issuance of convertible notes are subject to shareholder approval at the company's extraordinary general meeting.