By Devika Patel
Knoxville, Tenn., Sept. 8 - Kalahari Minerals plc announced it has completed a £10 million private placement of 10% convertible loan notes.
The notes mature in two years. They are convertible at 212.5p per share and may be redeemed after one year at a 10% premium.
Proceeds will be used to maintain the company's 40% equity position in Extract Resources Ltd.
London-based Kalahari Minerals is a mining exploration and evaluation company.
| Issuer: | Kalahari Minerals plc
|
| Issue: | Convertible loan notes
|
| Amount: | £10 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | 212.5p
|
| Call: | After one year at 110
|
| Warrants: | No
|
| Settlement date: | Sept. 8
|
| Stock symbol: | London: KAH
|
| Stock price: | 194.75p at close Sept. 8
|
| Market capitalization: | £389 million
|
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