Mighty Kingdom Ltd (AU:MKL) has released an update.
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Mighty Kingdom Ltd has disclosed additional details about its new debt facility, which has a face value of up to $1.2 million and a high interest rate of 20%. The facility includes options for converting debt into equity and imposes restrictions on further indebtedness and asset disposition. The conversion mechanics allow the lender to convert debt into ordinary shares at a specified price, subject to shareholder approval.
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