By Laura Lutz
Des Moines, April 20 - Heemskirk Consolidated raised A$24 million from a private placement of unsecured convertible notes.
The company sold 8 million of the 8% four-year notes to sophisticated and professional investors.
Each note is convertible into one share and A$1.75 in cash at any time after the second anniversary of settlement.
ABN Amro Morgans was the agent.
Proceeds will be used for development, working capital and other investments.
The company expects to repay the notes with cash flow generated from group operational activities.
Heemskirk is a mining company based in Melbourne, Australia.
| Issuer: | Heemskirk Consolidated
|
| Issue: | Unsecured convertible notes
|
| Amount: | A$24 million
|
| Maturity: | Four years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | A$3.00
|
| Agent: | ABN Amro Morgans
|
| Announcement date: | April 20
|
| Stock symbol: | Australia: HSK
|
| Stock price: | A$1.54 at close April 20
|
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