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Peninsular to buy back 10½% convertible loan notes
By Devika Patel
Knoxville, Tenn., Feb. 17 - Peninsular Gold Ltd. announced it will repurchase all $20 million of its 10½% convertible loan notes for $17 million along with 10 million one-for-one warrants, exercisable at 30p until July 19, 2012.
The notes were issued in 2007.
The repurchase will be funded by Bank Kerjasama Rakyat Malaysia Bhd. It will consist of an initial cash payment of $15 million, followed by two deferred payments of $1 million each, one by Sept. 30 and the second by Dec. 31.
The deferred payments will carry interest on a step-up basis at the rate of 1.2% per month for the period to April 30, 1.5% per month for the period from May 1 to Aug. 31 and 1.75% per month for the period from Sept. 1 to Dec. 31.
Based in St. Helier, U.K., Peninsular is a gold exploration company.
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