Crocodile Gold to price C$25 million of five-year convertibles to yield 5%, up 10%

By Rebecca Melvin

New York, March 8 - Crocodile Gold Corp. is offering C$25 million of five-year second lien convertible debentures to yield 5% with an initial conversion premium of 10% over the volume weighted average price of shares for 20 days before the final prospectus, according to a company release.

There is a C$3.75 million overallotment option.

Raymond James Ltd. is underwriter.

The debenture offering is set to close March 25, and the debentures mature April 30, 2018.

They are non-callable for two years until April 30, 2015 and then provisionally callable if the company's shares are at 150% of the conversion price.

Proceeds will be used to fund several key projects that will further the growth of the company in both the Northern Territory and State of Victoria in Australia.

The debentures will be secured on a second lien basis, subordinated only to a A$75 million Credit Suisse facility.

Crocodile Gold is a Toronto-based gold mining company with a market cap of C$119.9 million

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