By Sheri Kasprzak
New York, May 30 - Libra Natural Resources plc has settled a £5.5 million private placement of 8% convertible bonds.
The bonds, due 2010, were purchased by a group of institutional investors. The bonds are convertible into common shares at a price equal to a 30% premium to the volume weighted average closing mid-market stock price for the five trading days before conversion.
Teather & Greenwood was the placement agent.
Some of the proceeds from the deal will be used by subsidiary LNR Kincaid to acquire processing equipment and provide working capital to expand its existing waste coal reclamation facility. About £2 million of the proceeds will be used to purchase the rest of £4 million in series B preferreds from Prometheus Energy Co., and up to £1.4 million will be used to invest in Westwood Fibre Products Inc.
Located in London, Libra Natural Resources acquires and invests in natural resources businesses.
| Issuer: | Libra Natural Resources plc
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| Issue: | Convertible bonds
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| Amount: | £5.5 million
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| Maturity: | 2010
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | Equal to a 30% premium to the volume weighted average mid-market price for the five trading days before conversion
|
| Warrants: | No
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| Placement agent: | Teather & Greenwood
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| Settlement date: | May 30
|
| Stock symbol: | London: LNR
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| Stock price: | 10.75p at close May 29
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