Proceeds to be used to repayA$30 million of debt held by Merrill Lynch
By Devika Patel
Knoxville, Tenn., July 26 - Norton Gold Fields Ltd. said it will raise A$27.67 million in a private placement of shares. Zijin Mining Group Co., Ltd. is the investor.
The company will sell 138.35 million ordinary shares at A$0.20 apiece in two tranches of 72.1 million shares and 66.25 million shares. The second tranche is conditional upon the company and investor receiving the necessary regulatory approvals.
The price per share is an 11.11% premium to the July 25 closing share price, A$0.18, and also represents a 31% premium to the 15-day volume-weighted average price.
Proceeds will be used to reduce Norton's debt levels from A$80 million to A$50 million by prepaying A$30 million of the principal due under the company's A$80 million secured note held by Merrill Lynch International.
South Brisbane, Australia's Norton Gold Fields produces gold.
| Issuer: | Norton Gold Fields Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$27.67 million
|
| Shares: | 138.35 million
|
| Price: | A$0.20
|
| Warrants: | No
|
| Investor: | Zijin Mining Group Co., Ltd.
|
| Pricing date: | July 26
|
| Stock symbol: | Australia: NGF
|
| Stock price: | A$0.175 at close July 26
|
| Market capitalization: | A$119.85 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
