Upcoming EGM: Notice of Meeting To Be Issued Shortly
Alexium International Group Limited (“Alexium,” “the Company”) (ASX: AJX, NASDAQ Designation: AXXIY) shareholders will receive a notice of meeting to consider resolutions relating to a number of matters including:
1. the presentation for election of the most recently appointed Directors;
2. an approval for all of the Company’s Directors to subscribe for new ordinary shares in the Company at 35¢ each following their participation in the December 2017 placement;
3. approvals to ratify the issue of shares from past placements; and
4. an approval to ratify the issue of any future shares under the convertible note that was issued by Alexium in September 2017 to US based GPB Debt Holdings II LLC (Note) under Alexium’s 15% placement capacity.
All of the Company’s Directors agreed to participate in the 2017 Placement at 35¢ per share but can only do so with shareholder approval, which approval will be sought at the EGM.
Additional information in relation to the Note is set out in the annexure available here. The EGM will contain resolutions to ratify any potential future share issue under the Note. This same information herein will also be detailed in the Notice of Meeting.
Information regarding the Note was set out in Alexium’s Annual Report (announced to ASX on 2 October 2017) and its Half Yearly Report (announced to ASX on 28 February 2018), being a convertible note issued by Alexium on 29 September 2017 pursuant to a US$10 million debt facility with a 3-year term and an interest rate of 13.5%
The Note was issued under Alexium’s 15% placement capacity which was available under ASX Listing Rule 7.1. The effect of the issue of the convertible note on Alexium’s ongoing placement capacity was then reflected in the Appendix 3Bs issued by Alexium following the issue of the Note.
As part of the Note, Alexium also issued a warrant exercisable into 4,255,319 Shares (subject to adjustments) at $0.47 per Share (subject to adjustments). The warrant was also issued under its Listing Rule 7.1 placement capacity. The exercise price of the warrant was adjusted to 35¢ in December 2017 as being the price under the December 2017 placement.
Shareholders should consider the Notice of Meeting and all the information outlined in the Notice of Meeting. Alexium encourages shareholders to exercise their right to vote on all resolutions contained in the Notice of Meeting.
To view this document in its entirety including the annexure, please click here.