By Devika Patel
Knoxville, Tenn., Feb. 4 - Monterrico Metals plc said it has arranged a $10 million loan facility with Xiamen Zijin Tongguan Investment Development Co., the company's majority shareholder.
The loan matures on Feb. 4, 2009 and carries a coupon of Libor plus 1%. At the company's option, the loan may be converted into ordinary shares at a conversion price of the lower of 350p per share or the average mid-market price of an ordinary share over the three business days preceding the date of conversion.
Proceeds will be used for working capital.
London-based Monterrico is a mineral exploration company.
Issuer: Monterrico Metals plc
| Issue: | Loan facility
|
| Amount: | $10 million
|
| Maturity: | Feb. 4, 2009
|
| Coupon: | Libor plus 1%
|
| Conversion price: | The lower of 350p per share or the average mid-market price of an ordinary share over the three business days preceding the date of conversion
|
| Price: | Par
|
| Yield: | Libor plus 1%
|
| Warrants: | No
|
| Investor: | Xiamen Zijin Tongguan Investment Development Co.
|
| Pricing date: | Feb 4
|
| Stock symbol: | London: MNA
|
| Stock price: | 315p at close Feb. 1
|
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