Proceeds slated to redeem C$11 million of debentures due May 31, 2012
By Devika Patel
Knoxville, Tenn., May 24 - Wesdome Gold Mines Inc. said it settled an oversubscribed C$7.02 million non-brokered private placement of five-year senior unsubordinated convertible debentures. The deal priced April 30 and was increased to C$7.1 million from C$7 million on May 22.
The 7% debenture converts to common stock at a conversion price of C$2.50, which is a 96.85% premium to C$1.27, the April 27 closing share price.
Proceeds will be used to redeem the company's C$11 million of debentures due May 31, 2012.
Based in Toronto, Wesdome is a gold exploration and development company.
| Issuer: | Wesdome Gold Mines Inc.
|
| Issue: | Senior unsubordinated convertible debenture
|
| Amount: | C$7,021,000
|
| Maturity: | Five years
|
| Coupon: | 7%
|
| Conversion price: | C$2.50
|
| Conversion premium: | 96.85%
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 30
|
| Upsized: | May 22
|
| Settlement date: | May 24
|
| Stock symbol: | Toronto: WDO
|
| Stock price: | C$1.27 at close April 27
|
| Market capitalization: | C$100.89 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
