New York, March 17 - Minerals Corp. Ltd. said it has priced A$10 million of convertible notes.
The securities will pay a 9% coupon. From Dec. 31, 2006 onwards they will convert into either Minerals Corp. stock or Australian China Clays Ltd. stock at a 15% discount to the prevailing market price.
The Sydney, Australia-based kaolin mining company said the issue is intended to provide financing for its china clay projects in Asia and to provide an independent valuation of the projects before the listing of Australian China Clays on the London Stock Exchange AIM market.
The offering will be sold in Australia and the United Kingdom.
| Issuer: | Minerals Corp. Ltd.
|
| Underlying stock: | Minerals Corp. Ltd. or Australian China Clays Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$10 million
|
| Maturity: | March 31, 2008
|
| Coupon: | 9%
|
| Price: | Par of A$1.00
|
| Yield: | 9%
|
| Conversion price: | 15% discount to prevailing market price, from Dec. 31, 2006 onwards
|
|
|
© 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.
