Loan & DebtMay 6, 2026, 04:08 PM
Blue Gold Exchanges $2.82M Debt for Shares; Secures $4M New Facility
AI Summary
Blue Gold Limited entered into two exchange agreements with Kaela Ritchie, converting a total of $2,820,749 in outstanding debt into 2,820,749 newly issued Class A Ordinary Shares. Concurrently, the company secured a new Facility Agreement with the same lender, providing up to $4,000,000 in drawdown loans with a 10% annual interest rate and a maturity date of May 5, 2027. This new facility includes a mandatory conversion option for the lender into Class A Ordinary Shares at $1.00 per share. Additionally, Blue Gold issued a dilutive issuance notice to 3i, LP, reducing the conversion price of their senior convertible notes due to anti-dilution provisions.
Key Highlights
- Exchanged $2,042,132 in debt from Facility Agreement (Jan 10, 2026) for 2,042,132 Class A Ordinary Shares.
- Exchanged $778,617 in debt from Facility Agreement (Mar 26, 2026) for 778,617 Class A Ordinary Shares.
- Entered a new Facility Agreement for up to $4,000,000 with Kaela Ritchie.
- New facility allows maximum aggregate drawdown of $500,000 per week for six months.
- Interest on drawn amounts for the new facility accrues at 10% per year.
- Lender has the right to convert outstanding balance into Class A Ordinary Shares at $1.00 per share.
- New Facility Agreement matures on May 5, 2027.
- Conversion price of senior convertible notes held by 3i, LP reduced due to anti-dilution provisions.
Price Impact
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