By Devika Patel
Knoxville, Tenn., Jan. 22 - Admiralty Resources NL has arranged a $20 million private placement of an unsecured note with a conversion option at A$0.70 per share.
Cornell Capital Partners, LP bought the 720-day note, which is for $15 million, but has an option to draw another $5 million.
The 8% note is repayable at any time. Interest has been prepaid for the first three months.
Proceeds will be used for plant construction, working capital and repayment of loan facilities.
Based in Melbourne, Australia, Admiralty is a mineral exploration company.
| Issuer: | Admiralty Resources NL
|
| Issue: | Convertible unsecured note
|
| Amount: | $20 million
|
| Maturity: | 720 days
|
| Coupon: | 8%
|
| Conversion price: | A$0.70
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | Jan. 20
|
| Stock symbol: | Australia: ADY
|
| Stock price: | A$0.31 at close Jan. 18
|
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