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Finance Investment, Music

Jaxsta (ASX:JXT) update: Songtradr to convert loan into stock and become largest shareholder

Jaxsta (ASX:JXT) 2 mins read

Sydney, Australia, 1 June 2023: Jaxsta Limited ACN 106 513 580 (Jaxsta or the Company, ASX: JXT) the world’s largest database of official music credits has today entered into an agreement with Songtradr to convert the full principal and interest of tranche #1 of the existing convertible note with Jaxsta into ordinary shares. The transaction will be completed on or before the 9th September, the date the note expires.

Paul Wiltshire, CEO of Songtradr commented “Jaxsta has undertaken a significant transformation over the last 12 months with the refinement of the Jaxsta product offering, the launch of Vinyl, the acquisition of Vampr, and the disciplined management of reducing costs. This conversion is a reflection of Songtradr’s ongoing confidence in Jaxsta’s future. Songtradr is very pleased to become a significant shareholder in Jaxsta and we look forward to continuing to build on both our working relationship and our shareholding in the future.”

Jaxsta Chair Linda Jenkinson added “We welcome Songtradr as a significant shareholder and are delighted with the confidence shown in our new strategy. The invaluable input from Songtradr nominee Jaxsta Directors Steve Gledden and Ben Katovsky have been key to the acquisition of Vampr and the launch of Vinyl.com, both of which were major catalysts in the early conversion of the first Songtradr note.”

Tranche #1 has a principal balance of $1,420,000 which would be repayable by the 9th of September 2023. Converted shares will take into account interest on the note up to the full due date of 9 September 2023. The resulting conversion means Songtradr will convert a principal and interest balance of $1,774,597 into 84,504,631 ordinary shares in Jaxsta at the conversion price of $0.021 per share. Songtradr still retains Tranche #2 for a principal balance of $3,000,000 that is not due until 29 June 2025. The early notice allows Jaxsta to complete any necessary approvals, should they be required, prior to reaching the Expiry date.

The resulting equity issue will mean Songtradr will hold 15.99% of the issued ordinary share of Jaxsta after the completion of the Vampr transaction.


About us:

Jaxsta is the world's only official music credits database. It contains more than 330 million official, deep-linked music credits across 105 million pages, sourced from over 352 data partners, including record labels, publishers and industry associations. Jaxsta's data is mapped to the world's charts and can provide world-first insights including custom repertoire reports to ensure industry organizations can map music ownership and revenue. Jaxsta is a key solution to the music industry's metadata problem.


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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