Further amendments to $6M OAIL CN terms

June 14 ,2017

Further to the announcement of ASF Group Limited (“ASF” or ”Company”) dated 25 May 2017, the Company advises that ASF and Oceanic Alliance Investments Limited have agreed to amend the terms of the $6 million convertible note facility (“CN”).
The material amendments to the terms of the CN are as follows:
(i) the maturity date of the CN is extended to 1 March 2019;
(ii) other than conversion in the Company’s shares, the convertible notes issued under the CN (“Notes”) can be converted into shares of any of the Company’s subsidiaries at a mutually agreed price, subject to any necessary approvals;
(iii) the Notes are transferrable and any such transfer must be a transfer of all the Notes held by the noteholder; and
(iv)other than conversion of all of the Notes, the noteholder may convert 50% of the Notes held by them.