By Devika Patel
Knoxville, Tenn., July 25 - Hidefield Gold plc announced it has negotiated a £1 million convertible loan with Hamilton Capital Partners Ltd., and also said it has already settled a $250,000 advance under the facility.
The loan will pay interest at Libor plus 3%. Additional advances must be agreed upon by both companies and may not exceed £150,000 in any one-month period.
The loan is convertible at 3p per share.
All advances must be repaid by Dec. 31, 2009.
Hidefield is a London-based gold mining company.
| Issuer: | Hidefield Gold plc
|
| Issue: | Convertible loan
|
| Amount: | £1 million
|
| Maturity: | Dec. 31, 2009
|
| Coupon: | Libor plus 3%.
|
| Price: | Par
|
| Yield: | Libor plus 3%.
|
| Conversion price: | 3p
|
| Warrants: | No
|
| Investor: | Hamilton Capital Partners Ltd.
|
| Settlement date: | July 25 (for $250,000)
|
| Stock symbol: | London: HIF
|
| Stock price: | 3.35p at close July 25
|
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