Metal Storm updates maturity, conversion price of convertible notes

By Marisa Wong

Madison, Wis., March 12 - Metal Storm Ltd. amended the maturity date and conversion price of its convertible notes on Jan. 12, according to an 8-K filed Monday with the Securities and Exchange Commission.

The maturity date of the notes was extended to March 1, 2015 from March 1, 2012. The company had previously extended the due date by six months in August 2011.

The conversion price will now equal the lesser of (a) 90% of the average of the five lowest daily volume weighted average prices during the 20 business days immediately preceding the conversion date and (b) A$0.0105 per share.

The Darra, Australia-based defense technology company issued the notes in 2006.

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