Axiom 2014 Annual Report - page 102

Notes to the Financial Statements
for the year ended 30 September 2014
100
Axiom Mining Limited
13. Trade and other payables
2014
$000
2013
$000
Trade payables
420
322
Other payables and accruals
333
535
753
857
All of the other payables are expected to be settled or recognised as an expense within one year or are repayable on
demand.
The trade payables are non-interest bearing and are normally settled on 45 day terms.
14. Borrowings
2014
$000
2013
$000
Convertible note (Note a)
678
–
Other borrowings
8
20
686
20
Notes:
a. Convertible notes
On 7 February 2014, the Company arranged a partly secured convertible note facility of $650,000 with a face value of
$700,000 interest bearing at 10%. The facility was able to be drawn down in tranches.
The notes convert into ordinary shares at the election of the note holder:
a. on the expiry date; or
b. at any time prior to the expiry date, by service on the issuer of a written notice of conversion of the note given by the
note holder; or
c. on redemption of the note if the convertible note facility is cancelled by the issuer in accordance with the convertible
note facility agreement.
The issue price is 7 tenths of a cent per share with an anti-dilution provision. The issue included a commencement
fee of $112,500 settled by way of issuance of 7,956,153 ordinary shares to the investor and partially secured by issue of
15,000,000 ordinary shares held as collateral security. The Company also issued 13,250,000 options to the note holder.
The facility was fully converted to shares on 23 December 2014.
b. Other borrowings
On 28 February 2014 an unsecured loan of $38,000 at 5.1664% interest was entered into over a period of 10 months.
At 30 September 2014 the balance of repayments remaining was $8,000.
COMPANY FINANCIAL REPORT
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