By Devika Patel
Knoxville, Tenn., March 11 - Range River Gold Ltd. said it plans a A$1 million issue of 12% convertible notes. It also announced a A$2.2 million share purchase plan.
The company will sell 1 million notes of A$1.00 each. The notes mature on March 31, 2011.
They have a conversion price equal to the lower of A$0.013 per share or 80% of the volume-weighted average price over the 90-day period prior to the conversion date, subject to a minimum of A$0.01 per share.
For each note bought, each investor will receive 10 options, for a total of 10 million options, exercisable at A$0.02 until March 31, 2014.
Proceeds will be used for working capital.
Based in Melbourne, Australia, Range River is a gold exploration company.
| Issuer: | Range River Gold Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$1 million
|
| Notes: | 1 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 12%
|
| Price: | Par of A$1.00
|
| Yield: | 12%
|
| Conversion price: | The lower of A$0.013 or 80% of the volume-weighted average price over the 90-day period prior to the conversion date
|
| Options: | 10 million
|
| Option expiration: | March 31, 2014
|
| Option strike price: | A$0.02
|
| Pricing date: | March 11
|
| Stock symbol: | Australia: RNG
|
| Stock price: | A$0.18 at close March 11
|
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