By Laura Lutz
Des Moines, Nov. 6 - High River Gold Mines Ltd. plans to settle a private placement of a C$12 million convertible debenture with three of the company's largest shareholders.
The 8% debenture will mature on Dec. 31, 2011. Interest will be payable quarterly.
The debenture is convertible into common shares at C$2.35 per share. It also allows forced conversion by High River after 18 months if the company's shares trade above C$3.25 for 30 days.
Settlement of the non-brokered placement is expected within one week.
Proceeds will be used for drilling at the company's Bissa project in Burkina Faso and for general working capital.
High River is a gold production company based in Toronto.
| Issuer: | High River Gold Mines Ltd.
|
| Issue: | Convertible debenture
|
| Amount: | C$12 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion rate: | C$3.25 per share
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 6
|
| Stock symbol: | Toronto: HRG
|
| Stock price: | C$2.30 at close Nov. 5
|
© 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.
