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RBC Trust (T&T) Ltd is poised to become the largest shareholder in MPC Caribbean Clean Energy Ltd (MPCCEL) after moving to convert its US$10 million convertible promissory note into equity.
The company’s board approved an agreement on February 12 to facilitate the early conversion of the note into 10 million Class B shares. The promissory note, first issued in December 2020, had originally been scheduled to mature on March 31.
“Upon conversion of the Note, the total issued and outstanding share capital of the company in respect of Class B shares will increase from 26,944,861 to 36,944,861, which increase will result in RBC holding approximately 27 per cent of the outstanding shares of the Company,” MPCCEL chairman José Fernando Zuñiga Galindo noted
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