Proceeds slated to finance Marropino processing plant capacity upgrade
By Devika Patel
Knoxville, Tenn., March 21 - Noventa Ltd. said it settled a private placement of 10% convertible redeemable preference shares. It raised $11.4 million.
The shares were sold at $4.218 each and are each convertible into one ordinary share with a 25% conversion premium to the mid-market closing price of 210.5p on March 16. The shares are redeemable after Oct. 11, 2012 and will be mandatorily redeemed on April 11, 2016.
The placing was led by Canaccord Genuity Ltd., with funds also being raised by Religare Capital Markets plc.
Proceeds will be used for costs related to the planned upgrade in the processing plant capacity at the company's Marropino, Mozambizue-mine and working capital.
St. Helier, Jersey-based Noventa is an industrial-scale supplier of tantalum concentrate, a metal used in the consumer electronics industry, and a producer of morganite, a gemstone.
| Issuer: | Noventa Ltd.
|
| Issue: | Convertible redeemable preference shares
|
| Amount: | $11,404,418
|
| Price: | $4.218
|
| Dividends: | 10%
|
| Conversion premium: | 25%
|
| Warrants: | No
|
| Agents: | Canaccord Genuity Ltd., Religare Capital Markets plc
|
| Settlement date: | March 21
|
| Stock symbol: | Pink Sheets: NOVXD
|
| Stock price: | $0.18 at close March 18
|
| Market capitalization: | $4.56 million
|
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