That’s a conclusion that could be drawn from Squadron’s conversion of A$2 million of notes earlier this week at 1.35c per share.
Under the original terms of the investment back in 2015 Squadron could convert the notes at the lower of either 2.1c or 80% of the 30-day volume weighted trading price.
Squadron also had another five months to play-with given the notes’ three year timeline was to expire in mid-July.
Squadron is now a 15% shareholder in Impact.
Impact is waiting for drill results from its Commonwealth gold-silver-base metal project in New South Wales, with the company having high hopes it could be onto the next major discovery in the Lachlan Fold Belt.
Impact managing director Mike Jones, who by all accounts is a well-regarded exploration geo...