St. Andrew Goldfields offers to repurchase $16.2 million in gold notes

By Devika Patel

Knoxville, Tenn., July 7 - St. Andrew Goldfields Ltd. said it is offering to repurchase its $16.2 million in senior secured gold notes by issuing units.

For each $100,000 in notes, the company is offering the noteholders 119,413 units at C$1.25 per unit. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$1.70 for 18 months.

Settlement is expected July 28.

Assuming all of the notes are repurchased, the company will issue 19,344,957 units for a value of about C$24.2 million.

St. Andrew is a gold mining and exploration company based in Oakville, Ont.

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