By Devika Patel
Knoxville, Tenn., July 1 - Kangaroo Resources Ltd. said it arranged a $14 million convertible note facility via agent Chardan Capital Markets. The notes will be issued in two tranches, with $2.55 million to be sold in the first tranche and $11.45 million to be sold in the second.
The 10% note is convertible into ordinary shares at A$0.1333 per share. It may be prepaid at any time without penalty.
Investors will also receive 100% warrant coverage, or 120 million warrants. The warrants are each exercisable at A$0.1333 for five years.
Proceeds will be used for production and exploration at the company's coal projects.
The mineral explorer is based in Burswood, Australia.
| Issuer: | Kangaroo Resources Ltd.
|
| Issue: | Convertible note
|
| Amount: | $14 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | A$0.133
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | A$0.1333
|
| Agent: | Chardan Capital Markets
|
| Pricing date: | July 1
|
| Stock symbol: | Australia: KRL
|
| Stock price: | A$0.115 at close July 1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
