Crocodile Gold greenshoe brings convertibles issue to C$34.5 million

By Jennifer Chiou

New York, April 5 - Crocodile Gold Corp. announced that the underwriter exercised in full the greenshoe for its offering of 8% five-year convertible debentures, lifting the total amount to C$34.5 million from C$30 million.

As previously reported, the company previously amended the debentures to remove the second-lien security. It said that the senior lender to the company was not willing to accommodate the lien.

Under the new terms, Crocodile Gold offered the convertibles with an 8% coupon and a conversion price of C$0.25. The coupon was previously 5% and the conversion price C$0.33.

Raymond James Ltd. acted as the underwriter.

The maturity date of April 30, 2018 and the call features were unchanged.

The securities are non-callable for two years and then are provisionally callable if the company's shares are at 150% of the conversion price.

Proceeds will be used to fund several key projects that will further the growth of the company in both the Northern Territory and the State of Victoria in Australia.

Crocodile Gold is a Toronto-based gold mining company.

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