This will extend the maturity of the outstanding first two series of debentures of the company held by Sentient that were previously set to mature on September 30, 2016. These debentures will now have a maturity date of July 1, 2017.
Era had previously reported a change in the maturity date of the same series of debentures in April of 2016. The four series of debentures have maturity dates of June 30, 2017; July 1, 2017; and December 31, 2017. The agreement of Sentient to not exercise its conversion option expires on October 1, 2016.
"However, the company is not aware of any intention of Sentient to convert in advance of the maturity date."
Era also announced that Lachlan Reynolds, vice president of business development, would move to a consulting role and would continue to act as an adviser to the company.