By Devika Patel
Knoxville, Tenn., Jan. 7 - Oxus Gold plc said it plans a private placement of convertible loan notes and stock for about $85 million.
The company will sell 573 million ordinary shares at 6p per share. It also will sell $30 million of three-year convertible loan notes, which are convertible at 7p per share into 267,857,142 ordinary shares.
The convertible loan notes will earn interest at 3% above six-month Libor.
In addition, investors will receive five-year warrants for 89,285,714 shares, exercisable at 7p per share, and five-year warrants for 62.5 million shares, exercisable at 10p per share.
The 10% notes mature in November 2014 and are convertible into shares at 40p.
Investors include Baiyin Non-Ferrous Group Co Ltd., Citic Construction Co Ltd. and Chang Xin Yuan Su (Tianjin) Equity Investment Fund Management LP.
Proceeds will be used as working capital.
London-based Oxus is gold exploration company.
| Issuer: | Oxus Gold plc
|
| Issue: | Convertible loan notes
|
| Amount: | $85 million (approximate)
|
| Warrants: | For 151,785,714 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 7p (for 89,285,714 shares), 10p (for 62.5 million shares)
|
| Investors: | Baiyin Non-Ferrous Group Co Ltd., Citic Construction Co Ltd., Chang Xin Yuan Su (Tianjin) Equity Investment Fund Management LP
|
| Pricing date: | Jan. 7
|
| Stock symbol: | London: OXS
|
| Stock price: | 9p at close Jan. 7
|
| Market capitalization: | £34.2 million
|
|
|
| Shares
|
| Amount: | £34.38 million
|
| Shares: | 573 million
|
| Price: | 6p
|
|
|
| Notes
|
| Amount: | $30 million
|
| Maturity: | Three years
|
| Coupon: | Six-month Libor plus 3%
|
| Price: | Par
|
| Yield: | Six-month Libor plus 3%
|
| Conversion price: | 7p
|
| Conversion ratio: | Into 267,857,142 ordinary shares
|
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