Mirabela gets no cash out instructions for 745,185 remaining shares

By Kali Hays

New York, June 3 – Mirabela Nickel Ltd. said that its bare trustee Mirabela Investments Pty. Ltd. (MIPL) has not received any cash out instructions under a prior deed of company arrangement regarding 745,185 remaining Mirabela shares before a May 29 cash out sale deadline, according to a Wednesday news release.

The shares are being held by the trustee on behalf of former holders of Mirabela’s 8¾% senior notes due 2018.

Mirabela said that any noteholder who has yet to tender their notes or issue cash out instructions should contact the company and specified shares will be sold on the next cash out sale date of June 29.

If no instructions are received by June 16, all of the remaining shares will be sold into the marketplace and the net proceeds will be held by the trustee until June 16, 2020. If by that date there are still remaining unclaimed proceeds, the funds will be remitted to the Department of Treasury for Western Australia, according to the release.

As previously reported, Mirabela’s last cash out sale date was March 2 when it sold 108,947 company shares at an average share price of $0.065 per share.

Mirabela is a nickel producer in Perth, Western Australia.

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