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Discovery Metals Ltd Announces Share Placement And Convertible Bonds With Blumont Group Ltd


Thursday, 19 Sep 2013 02:14am EDT 

Discovery Metals Ltd announced that it has executed a legally binding term sheet with Blumont Group Ltd, for the recapitalisation of the Company. The recapitalisation proposal comprises AUD8.75 million placement: Blumont has agreed to subscribe for 73,047,967 fully paid ordinary shares in the capital of Discovery Metals (Placement Shares) at AUD0.12 per share (Placement Price) which is expected to raise AUD8,765,756 for the Company; and USD100 million in convertible bonds: Blumont has conditionally agreed to subscribe for 100,000 five year convertible bonds with a face value of USD1,000 per bond, convertible into fully paid ordinary shares in the capital of Discovery Metals at AUD0.15 per share (Convertible Bonds). The proceeds from the Transaction are planned to be applied as follows; USD25 million in repayment of the revolving credit facility; USD25 million in repayment of principal of the project finance facility; USD5.5 million (approximately) in payment of corporate advisory fees payable under the Transaction; and the balance for development, exploration and working capital purposes. 

Company Quote

0.025
-0.0010 -3.85%
24 Oct 2014