By Sheri Kasprzak
New York, Jan. 31 - Vannessa Ventures Ltd. has priced a C$5 million private placement of secured convertible debentures.
Exploram Enterprises Ltd. will buy the debentures, which bear interest at 9.5% annually and are due Jan. 31, 2009.
The debentures are convertible into common shares any time after Jan. 31, 2007 at C$0.635 each.
The debentures may be prepaid before Jan. 31, 2007 at a 5% premium to the face value plus interest.
Exploram will receive a warrant for each dollar of principal outstanding on Feb. 1, 2007. The warrants are exercisable at C$0.635 each through Jan. 31, 2009.
Calgary, Alta.-based Vannessa is a gold exploration company.
| Issuer: | Vannessa Ventures Ltd.
|
| Issue: | Secured convertible debentures
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| Amount: | C$5 million
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| Maturity: | Jan. 31, 2009
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| Coupon: | 9.5%
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| Price: | Par
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| Yield: | 9.5%
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| Conversion price: | C$0.635
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| Call: | May be prepaid at a 5% premium
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| Warrants: | One warrant per C$1.00 of principal outstanding at Feb. 1, 2007
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| Warrant expiration: | Jan. 31, 2009
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| Warrant strike price: | C$0.635
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| Investor: | Exploram Enterprises Ltd.
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| Pricing date: | Jan. 31
|
| Stock symbol: | TSX Venture: VVV
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| Stock price: | C$0.61 at close Jan. 31
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