By Sheri Kasprzak
Atlanta, April 11 - Medusa Mining Ltd. said it plans to receive A$6 million from a private placement.
The company sold a 10% convertible note to LinQ Capital Ltd.
The note matures in two years and is convertible into common shares at A$0.77 each.
The investor will also receive warrants for 7.5 million shares, exercisable at A$0.77 each for three years.
Based in Como, Western Australia, Medusa is a gold and copper-gold exploration company. It plans to use the proceeds from the offering to partially fund the acquisition of assets of Philsaga Mining Corp. in the Philippines.
| Issuer: | Medusa Mining Ltd.
|
| Issue: | Convertible note
|
| Amount: | A$6 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
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| Yield: | 10%
|
| Conversion price: | A$0.77
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| Warrants: | For 7.5 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | A$0.77
|
| Investor: | LinQ Capital Ltd.
|
| Announcement date: | April 11
|
| Stock price: | A$0.70 at close April 11
|
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