Electromagnetic Geoservices (EMGS) has called an EGM to propose a comprehensive refinancing supported by the company’s three largest shareholders.
The refinancing consists of a rights issue with gross proceeds of up to $12.5m, $10m of which is underwritten, and the issuance of a new, fully underwritten convertible bond loan of up to $32.5m.
The rights issue will provide the funds for general corporate purposes while the bond issue will be used to refinance the company’s existing bond issue.
An EGM will be held on March 23 where the company will seek approval for the proposal.
