Callable notes sold by Euro Pacific in units that include two warrants
By Angela McDaniels
Tacoma, Wash., May 9 - Olympus Pacific Minerals Inc. sold $14.6 million of four-year 8% convertible redeemable notes in a private placement on May 7. Euro Pacific Capital Inc. was the agent.
The notes are convertible into common shares. The conversion price is $0.51 per share, which is a 22.89% premium over the company's $0.415 closing share price on May 6 on the OTC Bulletin Board.
The notes were sold in units. Each unit consists of one note with a $1.00 face amount and two warrants. One of the warrants is immediately exercisable for 0.9804 common shares at a price of C$0.55 until the maturity date of the notes, and the other is exercisable for 1.9608 common shares at a price of C$0.50 if the notes are called for redemption.
The warrant strike prices are premiums of 41.03% and 28.21%, respectively, to the company's C$0.39 closing share price on May 6 on the Toronto Stock Exchange.
The proceeds will be used to fund the company's development, exploration and acquisition plans in Vietnam, Malaysia and the Philippines.
A similar private placement of units closed on May 5. It totaled C$15 million. The warrants were the same, and the conversion price of the notes was C$0.50.
Toronto-based Olympus Pacific is a gold exploration company.
| Issuer: | Olympus Pacific Minerals Inc.
|
| Issue: | Units of $1.00 of convertible redeemable notes and two warrants
|
| Amount: | $14.6 million
|
| Warrants: | Two warrants per unit including one for 0.9804 shares at any time and one for 1.9608 common shares if notes are called
|
| Warrant expiration: | Four years
|
| Warrant strike prices: | C$0.55, C$0.50
|
| Agent: | Euro Pacific Capital Inc.
|
| Settlement date: | May 7
|
| Stock symbols: | OTCBB: OLYMF and Toronto: OYM
|
| Stock prices: | $0.415 and C$0.40 at close May 9
|
| Market capitalization: | $152.1 million and C$146.6 million
|
|
|
| Notes
|
| Maturity: | Four years
|
| Coupon: | 8%
|
| Conversion price: | $0.51
|
© 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.
