By Devika Patel
Knoxville, Tenn., May 14 - Oxus Gold plc announced it has taken in $18.5 million from a private placement of 8% unsecured convertible loan notes.
The notes were sold in units of $250,000 each.
They are convertible into new ordinary shares at 37p per share. At the holder's option, the notes may be converted on the earlier of a written request from the holder to convert or the first drawdown on a new project finance facility to construct the underground sulfides project at Amantaytau Goldfields.
The notes also may be redeemed on the earlier of the first drawdown on the project finance facility or two years.
If all of the notes are converted, the maximum number of new shares that would be issued is 26,315,789.
Oxus has mandated the Royal Bank of Scotland arrange a project finance facility of approximately $150 million. The first drawdown is expected to occur by November.
London-based Oxus is gold exploration company.
| Issuer: | Oxus Gold plc
|
| Issue: | Unsecured convertible loan notes
|
| Amount: | $18.5 million
|
| Coupon: | 8%
|
| Conversion price: | 37p
|
| Warrants: | No
|
| Settlement date: | May 14
|
| Stock symbol: | London: OXS
|
| Stock price: | 22.75p at close May 13
|
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