By Devika Patel
Knoxville, Tenn., June 21 - Olympus Pacific Minerals Inc. said it will raise up to C$21.96 million from a private placement of units.
The company will sell units of one $10,000 8% senior secured redeemable gold delivery promissory note and one warrant for 3,470 shares.
The notes mature on May 31, 2013. In payment of the notes, the company will issue gold to the noteholders on the last business day of each May and November up to and including the maturity date. It will issue 2,800 ounces of gold for the first and second deliveries, 4,200 ounces for the third and fourth deliveries and 5,200 ounces for the fifth and sixth deliveries, subject to adjustment based on the gold price.
The notes are secured by a pledge of subsidiaries Formwell Holdings Ltd. and New Vietnam Mining Corp.
The warrants are exercisable at C$0.60 per share until May 31, 2013.
Proceeds will be used for the construction of a processing facility at the company's high-grade Phuoc Son Mine and Bong Mieu Mine in Vietnam and for general exploration and corporate purposes.
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 $10,000 8% senior secured redeemable gold delivery promissory note and one warrant for 3,470 shares
|
| Amount: | $21.96 million (maximum)
|
| Price: | $10,000
|
| Warrants: | One warrant for 3,470 shares per unit
|
| Warrant expiration: | May 31, 2013
|
| Warrant strike price: | C$0.60
|
| Pricing date: | June 21
|
| Stock symbol: | OTCBB: OLYMF
|
| Stock price: | $0.283 at close June 18
|
| Market capitalization: | $96.3 million
|
|
|
| Notes
|
| Maturity: | May 31, 2013
|
| Coupon: | 8%
|
| Price: | Par of $10,000
|
| Yield: | 8%
|
© 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.
