Minefinders greenshoe raises 4.5% convertibles to $85 million

By Laura Lutz

Des Moines, Oct. 24 - Minefinders Corp. Ltd. settled its previously announced offering of 4.5% senior convertible notes for $85 million, including a $10 million greenshoe.

The notes are due Dec. 15, 2011 and were priced after the close on Oct. 18 with an initial conversion premium of 36%.

JP Morgan was the bookrunner of the Rule 144A offering.

The initial conversion price was set at $10.88 per share, or an initial conversion ratio of 91.9118 shares per note.

The convertibles are non-callable and have dividend and takeover protection.

Minefinders, a Vancouver, B.C.-based precious metals exploration company, said the proceeds of the deal will be used to build and set up its proposed Dolores gold and silver mine in Mexico.

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