By Devika Patel
Knoxville, Tenn., March 26 - Olympus Pacific Minerals Inc. said it took in C$12.75 million from a private placement of units. The deal priced March 10.
The company sold 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.
Proceeds will go toward 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$12.75 million
|
| Units: | 15,178,571
|
| 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 26
|
| Stock symbol: | Toronto: OYM
|
| Stock price: | C$0.275 at close March 9
|
| Market capitalization: | C$88.7 million
|
|
|
| Notes
|
| Maturity: | Four years
|
| Coupon: | 9%
|
| Price: | Par of C$0.84
|
| Yield: | 9%
|
| Conversion price: | C$0.42
|
| Call: | After 18 months
|
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