By Devika Patel
Knoxville, Tenn., Jan. 16 - Finders Resources Ltd. said it settled a $1.5 million convertible note facility with Resource Capital Fund IV LP. Of the facility's funds, $1 million will become available after the company achieves certain milestones.
The 12% facility matures three years from drawdown. It will be convertible into shares at A$0.40 per share.
Proceeds will be used for working capital purposes.
Finders Resources is a metal mining and exploration company based in Ultimo, Australia.
| Issuer: | Finders Resources Ltd.
|
| Issue: | Convertible note facility
|
| Amount: | $1.5 million
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | A$0.40
|
| Warrants: | No
|
| Investor: | Resource Capital Fund IV LP
|
| Settlement date: | Jan. 16
|
| Stock symbol: | London: FND
|
| Stock price: | 9p at close Jan. 16
|
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