By Devika Patel
Knoxville, Tenn., March 10 - Olympus Pacific Minerals Inc. said it will raise up to C$12.75 million from a private placement of units. It will raise at least C$10 million.
The company will sell between 11,904,761 and 15,178,571 units of one C$0.84 9% subordinated unsecured convertible redeemable note and two warrants.
The notes mature in four years and bear interest at 9% per year. They are convertible into common stock at C$0.42 per share.
The first warrant is exercisable for one common share at C$0.50 for four years.
The second warrant is exercisable for two common shares at C$0.42 per share and only becomes exercisable in the event of an early redemption. The company may redeem the notes under certain conditions after 18 months.
Settlement is expected on March 31.
Proceeds will go towards the construction of a processing facility at the company's high-grade Phuoc Son Mine in central Vietnam.
Toronto-based Olympus Pacific is a gold exploration company focused on properties in Vietnam and Southeast Asia.
| Issuer: | Olympus Pacific Minerals Inc.
|
| Issue: | Units of one C$0.84 9% subordinated unsecured convertible redeemable note and two warrants
|
| Amount: | C$10 million (minimum), C$12.75 million (maximum)
|
| Units: | 11,904,761 (minimum), 15,178,571 (maximum)
|
| Price: | C$0.84
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Four years (first warrant only)
|
| Warrant strike price: | C$0.50, C$0.42
|
| Pricing date: | March 10
|
| Settlement date: | March 31
|
| Stock symbol: | Toronto: OYM
|
| Stock price: | C$0.275 at close March 9
|
| Market capitalization: | C$72.5 million
|
|
|
| Notes
|
| Maturity: | Four years
|
| Coupon: | 9%
|
| Price: | Par of C$0.84
|
| Yield: | 9%
|
| Conversion price: | C$0.42
|
| Call: | After 18 months
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
