By Laura Lutz
Washington, Dec. 4 - Renison Consolidated Mines NL negotiated a private placement of convertible notes for A$7 million.
The company plans to sell 37.5 million unsecured convertible notes to institutional and sophisticated investors at A$0.20 per note.
The 10% notes have a face value of A$0.22 and mature on Oct. 1, 2007.
Each note is convertible into one ordinary share.
Proceeds will be used to repay an existing secured debt facility, for exploration at the company's Agate Creek gold project, for exploration of the company's coal assets, for feasibility studies at its Tom's Gully gold mine and for working capital.
Renison is a Brisbane, Australia-based mining company.
| Issuer: | Renison Consolidated Mines NL
|
| Issue: | Unsecured convertible notes
|
| Amount: | A$7 million
|
| Maturity: | Oct. 1, 2007
|
| Coupon: | 10%
|
| Price: | A$0.20 per A$0.22 note
|
| Conversion ratio: | Into one share per note
|
| Pricing date: | Dec. 4
|
| Stock symbol: | Australia: RSN
|
| Stock price: | A$0.175 at close Dec. 4
|
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