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BWA Group PLC - London-based minerals exploration investment company - Rejects a request from Canada-based minerals exploration firm St-Georges Eco-Mining Corp, asking the company to convert part of its holding of convertible loan notes issued in partial consideration of the acquisition of Kings of the North Corp. BWA says it will wait until the legal action against SGEM is concluded, as the convertible loan notes form an integral element of the action. BWA did not disclose the specifics of the legal action.
Says SGEM has expressed its wish to convert the maximum proportion of holding of £2.2 million convertible loan notes.
In September 2019, BWA agreed to buy Kings of the North Corp, which owns five groups of mineral exploration licences in Canada, for £4.7 million.
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