Infinio Group agrees to convert debt to shares at $0.0012

It owes 13 creditors a total of $1.8m.

Mining company Infinio Group Limited entered into debt conversion agreements with its creditors to turn its debts into ordinary shares in the capital of the company at a conversion price of $0.0012 per conversion share.

Infinio’s annoucement on SGX named 13 creditors including past and present directors to which the company owes an aggregated total of $1.8 million.

All outstanding amounts owed to each of the creditors are interest free, Infinio said.

“The Company has agreed, subject to the fulfilment of all the conditions precedent inter alia shareholders’ approval and requirements of the Singapore Exchange Securities Trading Limited, to convert all the debt owing to the creditors into conversion shares at the conversion price for an aggregate of up to 1,536,795,833,” Infinio aded.