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Oxus Gold convertible loan notes restructured with Citic financing
By Marisa Wong
Milwaukee, Jan. 28 - Oxus Gold plc announced that the restructuring of its existing convertible loan notes has been completed, following approval of financing by shareholders at a meeting on Tuesday, according to a news release.
As previously announced, the company signed an agreement with Citic Group to provide up to $185 million in financing.
In May 2008, the company issued $18.5 million of 8% notes convertible into ordinary shares at 37p per share and, if not converted, repayable in May.
With the restructuring, the notes are now convertible at 12p per share and will earn interest at Libor plus 300 basis points, and the repayment date has been extended to May 2013.
London-based Oxus is a gold exploration company.
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