By Sheri Kasprzak
New York, July 12 - Asian Mineral Resources Ltd. said it has completed a private placement for C$4,971,500.
The company sold 7.5% series A and series B senior convertible notes to Cambrian Mining plc. Asian Mineral issued C$1,971,500 in series A notes and C$3 million in series B notes.
The notes mature on July 12, 2006 and are convertible into common shares at C$0.50 each. The conversion price is a 60% premium to the current market price.
The notes are payable at the company's option in series C notes at the same interest rate.
The notes are redeemable at 101% of the principal amount plus interest.
The proceeds from the series A notes will be used for working capital and project expenses. The proceeds from the series B notes will be used to fund the company's US$2.5 million purchase of Mineral Development Co.
Based in Vancouver, B.C., Asian Mineral is a mineral exploration and development company.
| Issuer: | Asian Mineral Resources Ltd.
|
| Issue: | Series A and series B convertible notes
|
| Amount: | C$4,971,500
|
| Maturity: | July 12, 2006
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | C$0.50
|
| Call: | Redeemable at 101% of principal plus interest
|
| Investor: | Cambrian Mining plc
|
| Settlement date: | July 12
|
| Stock price: | C$0.30 at close July 11
|
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