By Sheri Kasprzak
New York, May 1 - Tiomin Resources Inc. said it negotiated a $35 million private placement of a convertible loan.
The debt facility will be funded by Jinchuan Group Ltd. and will amortize over the construction and development of the company's Kwale project.
The facility is convertible into shares at C$0.65 each.
Over the term of the facility, Jinchuan may choose to buy shares of Tiomin in cash at C$0.65 each.
The offering requires shareholder approval and the remaining terms will be released once the approval is received.
Proceeds will be used for construction and development on the Kwale project.
Toronto-based Tiomin is a mineral exploration company.
| Issuer: | Tiomin Resources Inc.
|
| Issue: | Subordinated convertible loan
|
| Amount: | $35 million
|
| Maturity: | Amortizing over the course of Kwale project
|
| Conversion price: | C$0.65
|
| Warrants: | No
|
| Investor: | Jinchuan Group Ltd.
|
| Settlement date: | May 1
|
| Stock symbol: | Toronto: TIO
|
| Stock price: | C$0.405 at close May 1
|
|
|
© 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.
