Kinetic Development has entered into a note purchase agreement with MC Mining, the company announced. Under the stipulated terms and conditions of the agreement, Kinetic Development has committed to subscribe for and pay up to $6.136 million in principal amount of convertible notes to be issued by MC Mining. The company holds the option, at maturity, to convert the entire outstanding principal amount of the notes, or any portion thereof, along with any accrued interest, into new fully paid ordinary shares in the capital of MC Mining. This conversion would be executed at a fixed price of $0.2089 per share.
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