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Beadell selling $191 mln of shares- term sheet

Tue Jul 1, 2008 11:14pm EDT

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HONG KONG, July 2 (Reuters) - Beadell Resources Limited (BDR.AX) is selling up to A$199.5 million (US$191 million) worth of shares at a discount of 12.5 percent to 25 percent to its closing share price on July 1, according to a document sent to investors on Wednesday.

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The company was selling 570 million new shares, at A$0.3 to A$0.35 each, in a deal handled by Morgan Stanley (MS.N) and Merrill Lynch MER.N, the document said.

The firm has an option to upsize the sale to A$235 million, the document said.

Beadell shares closed at A$0.4 on July 1.

(Reporting by Kennix Chim, editing by Keiron Henderson)

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