As the midweek trading frenzy continues apace, there are some stocks that are going to continue to be on the radars of investors, and one of those could be the Medaro Mining Corp. (OTC: MEDAF) stock. The company was in significant focus yesterday after it made an announcement with regards to a debt conversion agreement. In this feature, we take a closer look.
The Agreement
On Wednesday, Medaro Mining announced that on February 4, 2024, it had gone into a debt conversion agreement with some of the creditors of the company. As per the provisions of the agreement, the company was to settle debts worth $297682 through the issuance of 3166826 common shares for the price of $0.94 each. In the news release yesterday the company provided the update with regards to the number of shares that will be used to convert the debt.
Further Details
However, Medaro Mining also announced in the news release yesterday that the debt settlement would not lead to the creation of a new control person. None of the insiders in the company would participate in the settlement either. Medaro Mining would work on completing the debt-for-shares deal in order to boost its financial position substantially.
