New Issue: Tamaya Resources prices $30 million 8.5% convertible bonds due 2012

By Evan Weinberger

New York, Oct. 22 - Tamaya Resources Ltd. priced $30 million in 8.5% convertible bonds due Oct. 22, 2012.

BBY Ltd. is the lead manager of the Regulation S transaction. The $30 million in convertible bonds is the first stage of Tamaya's convertible bonds program. No further details of future deals were given in Tamaya's announcement.

The conversion price was set at $0.351.

The convertibles are callable beginning Oct. 22, 2009 subject to a 160% hurdle. There is an investor put on Dec. 6, 2009. There are change of control protections and a negative pledge.

Tamaya is a Sydney, Australia-based gold and copper mining firm operating primarily in Chile. The company plans to use the proceeds to develop its operations at the Lichkvaz-Tey gold deposit near Meghri, Armenia.

Issuer: Tamaya Resources Ltd.

Issue: Convertible bonds

Amount $30 million

Maturity: Oct. 22, 2012

Coupon: 8.5%

Price: Par

Yield: 8.5%

Conversion price: $0.351

Call: Beginning Oct. 22, 2009 subject to 160% hurdle

Put: Dec. 6, 2009

Lead manager: BBY Ltd.

Distribution: Regulation S

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