The proceeds will also be used for the company’s general corporate and working capital purposes.
SEE:GP Industries reverses out of the red in 4Q; says diverting manufacturing out of China
The agreements come with a caveat in that should Gold Peak Industries (Holdings) (GPIH), the controlling shareholder of GP Industries, ceases to legally and beneficially own at least 51% of the shares in GP Industries, the relevant facility is liable to be cancelled. All its outstanding loans, plus interest, will be due and payable immediately.
GPIH currently owns 85.55% of shares in GP Industries.
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Shares in GP Industries closed 0.5 cent lower or 0.8% down at 58.5 cents on March 29.
