Proceeds will be used to mine oxide gold prospects at Nagambie site
By Susanna Moon
Chicago, Sept. 13 - Nagambie Mining Ltd. announced the placement of 25 million convertible notes at A$0.04 each to sophisticated and professional investors, raising a total of A$1 million.
The notes have a coupon of 10%, are due in five years and are convertible at any time into common shares at a rate of 1 to 1.
The issue price is a 33.33% premium over the closing stock price of A$0.03 on Sept. 10.
Proceeds will be used for working capital, which will allow the company to evaluate the oxide gold prospects at the Nagambie Mine and within economic trucking distance of MIN 5412, and investigate the construction material opportunities at MIN 5412, including the sale of overburden and tailings and the commercialization of sand deposits.
Nagambie is a gold mining company based in Nagambie, Australia.
| Issuer: | Nagambie Mining Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | A$1 million
|
| Notes: | 25 million
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Price: | A$0.04
|
| Conversion ratio: | 1 to 1
|
| Warrants: | No
|
| Pricing date: | Sept. 13
|
| Stock symbol: | Australia: NAG
|
| Stock price: | A$0.03 at close Sept. 10
|
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