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Alamos Gold announces extra conversion period for 5.5% debentures
New York, June 27 - Alamos Gold Inc. said it had extended the early conversion period for its 5.5% convertible unsecured subordinated debentures due 2010 to 5 p.m. ET on June 30 from 5 p.m. ET on June 22.
Holders will receive 18.86792 common shares for each C$100 of accrued interest converted plus extra shares based on the trading price of the common shares for the last five trading days of the early conversion period plus a premium, payable in shares, of C$3.00 per C$100 principal amount of convertibles as an incentive to convert.
The extra time for early conversion does not affect investors who already responded in the initial period.
On June 26 Alamos Gold announced that it received early conversions of C$44.615 million of the 5.5% convertibles.
Holders received 20.5907 common shares for each C$100 principal amount converted and 18.86792 common shares for each C$100 of accrued interest converted. In total Alamos issued 9,346,365 common shares.
Alamos Gold previously said on May 30 it had received approval from holders to amend the terms of the convertibles, allowing a 21-day period during which holders will receive a premium for early conversion.
Between 9 a.m. ET on June 1 and 5 p.m. ET on June 22, holders were entitled to receive a premium of C$3.00 per C$100 principal amount of convertibles as an incentive to convert as well as a number of additional shares to be determined after the incentive period.
The number of extra shares was based on the volume-weighted average trading price of the common shares for the last five trading days of the incentive conversion period. The number could have ranged from 6.3846 additional shares at a volume-weighted average trading price of C$3.96 to 0.3871 additional shares at a volume-weighted average trading price of C$25.00.
Shares of the Toronto-based gold exploration stock closed at C$8.96 on Tuesday.
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