Antilles Gold Limited

Trading of Shares from Convertible Notes

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that the Company proposes to pay out the balance of two $1.0M Convertible Notes issued by the Company in March and April 2024.


As advised to the ASX on 28 May 2024, the Company’s share price has been significantly impacted by aggressive selling of shares by the Noteholder. The Company believes that the sale of the majority of the shares was not in accordance with the Convertible Note Deed.

The Company’s position is that the Noteholder has not complied with the terms of the Convertible Note Deed by selling shares that were issued to the Noteholder as security in the event of default by the Company.

Security Shares can only be sold by the Noteholder if the Company is in default, which has not occurred, or following agreement to substitute Security Shares already held by the Noteholder for those that would otherwise be issued after receipt of a Conversion Notice.

The Noteholder has purported to issue several Conversion Notices retrospectively in an attempt to rectify non-compliant earlier sales of Security Shares.

The Company contends that before the commencement of selling Security Shares, the Noteholder should have issued Conversion Notices and obtained the Company’s agreement to the substitution of Security Shares. In that event, the Notices would have been based on conversion prices applicable before selling commenced rather than on completion of the selling, with the consequence that approximately $102,000 would remain outstanding on the $2,000,000 face value of the two Notes.

The Company intends to redeem the remaining money owing under the Notes and not draw down the third $1.0M Convertible Note available to it in mid-June 2024. The Company maintains that the money owing by the Company to the Holder should be adjusted having regard to the Holder’s non- compliant sales of Security Shares. The Noteholder does not presently hold any AAU shares.

Antilles Gold is also investigating as to whether it might claim damages from the Noteholder as a consequence of its conduct.


Click here for the full ASX Release

This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AAU:AU
The Conversation (0)
Antilles Gold Limited

Antilles Gold Limited


Keep reading...Show less

Developing Gold and Copper Projects in mineral‐rich Cuba

Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Antilles Gold Limited (AAU:AU) has announced Revision to Updated Scoping Study Nueva Sabana Mine, Cuba

Download the PDF here.

Metal Bank

MBK Due Diligence Completed & Whiteheads Drilling Commencing

Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) announced on 10 September 2025 that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.

Keep reading...Show less
John Feneck, gold bars.

John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now

John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.

He also discusses the potential he sees in junior miners.

Keep reading...Show less
Sun Summit Minerals CEO Niel Marotta.

Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project

Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.

“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.

In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.

Keep reading...Show less
Angkor Resources

Angkor Resources

Keep reading...Show less

Latest Press Releases

Related News

×