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Axiom loan note holder InCoR converts debt into equity and becomes large shareholder

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Axiom loan note holder InCoR converts debt into equity and becomes large shareholder

Axiom MiningLtd. said on March 31 that the convertible loan note agreed inNovember 2015 withInCoR Holdings Plc has been terminated by mutual agreement, and that InCoR isconverting all outstanding amounts into escrowed equity at 31 Australian centsper share per share.

It has now converted A$5 million into equity and has becomea significant shareholder of Axiom.

Axiom said this reduces its immediate debt position and allowsit to more efficiently secure finance for the long-term development of itsprojects.

The group is focused on regaining the approvals and permitsfor the Isabelnickel project in the Solomon Islands, the ownership to which was returned tothe government earlier in March through a court decision.