Liongold sets initial conversion price for $30 million 9% bonds

By Marisa Wong

Madison, Wis., June 8 - Liongold Corp. Ltd. set the initial conversion price for its $30 million of 9% convertible bonds due 2015 at S$1.158, according to a company notice.

The conversion price is equal to the greater of S$0.964 and 120% of the average of the weighted average prices of Liongold stock for the 20 consecutive trading days after the issue date, subject to a maximum conversion price of S$1.158.

The bonds were issued on a best-efforts basis on May 11.

Liongold is a Singapore-based holding company that operates as a gold mining and exploration company.

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