By Susanna Moon
Chicago, July 24 - Mano River Resources Inc. said it plans to raise £2.3 million through a private placement of three unsecured convertible loan notes.
The three-year notes carry a coupon of 9% and are convertible at any time before the close of business on Aug. 1, 2010 into 16,428,571 shares.
The conversion price is 14p per share.
The lenders are City Natural Resources High Yield Trust plc (for £1.5 million), New City High Yield Fund Limited (for £500,000) and Fiske plc (for £300,000).
The issue is expected to close July 31.
Proceeds will be used for the company's New Liberty gold project in western Liberia and for accelerating exploration at other priority gold projects, the company said in a press release.
Based in Vancouver, B.C., Mano is a diamond and gold exploration company focused on properties in Liberia, Sierra Leone and Guinea.
| Issuer: | Mano River Resources Inc.
|
| Issue: | Convertible loan notes
|
| Amount: | £2.3 million
|
| Maturity: | Aug. 1, 2010
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion rate: | Into 16,428,571 shares
|
| Conversion price: | 14p
|
| Warrants: | No
|
| Lenders: | City Natural Resources High Yield Trust plc (for £1.5 million), New City High Yield Fund Limited (for £500,000) and Fiske plc (for £300,000)
|
| Pricing date: | July 24
|
| Settlement date: | July 31
|
| Stock symbol: | AIM: MANA
|
| Stock price: | 10.75p at close July 23
|
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