New York, March 28 - Crocodile Gold Corp. said it revised the terms on its offering of up to C$30 million of five-year convertible debentures to remove the second lien security.
The company said that the senior lender to the company was not willing to accommodate the lien.
Under the new terms, Crocodile Gold is offering up to C$30 million of the convertibles with an 8% coupon and a conversion price of C$0.25. Previously the coupon was 5% and the conversion price C$0.33.
Raymond James Ltd. is the underwriter for the offering, for which there is a C$3.75 million over-allotment option.
Settlement is now expected on April 4 instead of March 25.
The maturity of April 30, 2018 and call features are unchanged.
The securities are non-callable for two years and then are 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.
Crocodile Gold is a Toronto-based gold mining company.
| Issuer: | Crocodile Gold Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$30 million, upsized from C$25 million
|
| Greenshoe: | C$3.75 million
|
| Maturity: | April 30, 2018
|
| Bookrunner: | Raymond James Ltd.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.25
|
| Calls: | Non-callable until April 30, 2015, then provisionally callable if shares exceed 150%
|
| Announcement date: | March 20
|
| Settlement date: | April 4
|
| Stock symbol: | Toronto: CRK
|
| Distribution: | Regulation S
|
| Market capitalization: | C$93.5 million
|
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