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Mirabela trustee sells 108,947 cash-out shares; average price $0.065
By Caroline Salls
Pittsburgh, March 2 – Mirabela Nickel Ltd. bare trustee Mirabela Investments Pty. Ltd. (MIPL) sold 108,947 Mirabela shares at an average share price of $0.065 per share on Friday in connection with cash-out instructions received from holders of the company’s 8¾% senior notes due 2018, according to a news release.
The former noteholders were entitled to receive shares in connection with the satisfaction of their claims under Mirabela’s deed of company arrangement and a related letter of transmittal.
Proceeds from the share sale, minus costs, fees and taxes associated with the sale, will be remitted to the parties who submitted the cash-out instructions within 10 business days, the release said.
The next cash-out share sale date is scheduled for May 29.
The company said MIPL will hold 745,185 shares on behalf of unaccounted noteholders. Those shares must be claimed by June 16 or will be sold into the market.
Mirabela is a nickel producer located in Perth, Western Australia.
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