By Devika Patel
Knoxville, Tenn., Oct. 17 - Mercator Gold plc announced it has raised £2.6 million in a private placement of 8.5% convertible loan notes.
The notes will be redeemed at par on or before Oct. 16, 2010 and are convertible into ordinary shares at 95p per share at any time after one year and at 120p per share after two years.
Cenkos Securities plc, Ocean Equities Ltd. and Loeb Aron & Co. Ltd. were the agents.
Proceeds will be used to expedite pre-stripping at the company's Bluebird deposit and to drill the company's Euro project.
Mercator is a London-based gold mining company.
| Issuer: | Mercator Gold plc
|
| Issue: | Convertible loan notes
|
| Amount: | £2.6 million
|
| Maturity: | Oct. 16, 2010
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Conversion price: | 95p after one year; 120p after two years
|
| Warrants: | No
|
| Agents: | Cenkos Securities plc, Ocean Equities Ltd. and Loeb Aron & Co. Ltd.
|
| Settlement date: | Oct. 17
|
| Stock symbol: | London: MCR
|
| Stock price: | 80.25p at close Oct. 16
|
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