By Sheri Kasprzak
New York, May 11 - Rusina Mining NL has concluded a A$2.4 million private placement of convertible notes with City Natural Resources High Yield plc.
The investor bought 8% notes due May 11, 2010.
The notes are convertible into a total of 10 million common shares at A$0.24 each.
The notes are callable after the first year if the 20-day average closing price of Rusina's stock exceeds A$0.35.
Proceeds from the deal will be used for ongoing exploration and evaluation at the Acoje platinum sulphide project in the Philippines, as well as for feasibility studies. The rest will be used for corporate purposes and working capital.
Located in West Perth, Western Australia, Rusina is a mineral exploration company.
| Issuer: | Rusina Mining NL
|
| Issue: | Unsecured convertible notes
|
| Amount: | A$2.4 million
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| Maturity: | May 11, 2010
|
| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
|
| Conversion price: | A$0.24
|
| Conversion ratio: | Into 10 million shares
|
| Call: | After first year if 20-day average closing stock price exceeds A$0.35
|
| Warrants: | No
|
| Investor: | City Natural Resources High Yield plc
|
| Settlement date: | May 11
|
| Stock symbol: | Australia: RML
|
| Stock price: | A$0.28 at close May 11
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