Chaswood Resources Holdings said on Monday that it has entered into debt conversion agreements with certain former independent directors of the company to partially pay their directors' fees.

Former directors Christopher John McAuliffe, Roy Ling Chung Yee and Tee Guan Pian have agreed to accept 11.1 million new ordinary shares in the company at a fixed conversion price of S$0.009 per debt conversion share, in exchange for S$100,000 of directors' fees owed to them, to "help reduce the debt burden" of the group, it said.

The new shares will represent 4.25 per cent of the group's enlarged share capital.

The company's shares last traded on Feb 28 at S$0.009.