PENINSULAR GOLD LIMITED (PGL) – Repurchase of US$20 Million Convertible Loan Notes Completed

PENINSULAR GOLD LIMITED (PGL) – Repurchase of US$20 Million Convertible Loan Notes Completed

Repurchase of US$20 Million Convertible Loan Notes Completed

Raub Plant - Operating and Management Agreement Signed


Peninsular is pleased to announce that the transaction for the repurchase and cancellation of its US$20 million convertible loan notes, as announced on 16 February, 2009, has been concluded and settled.

Following the initial cash payment of US$15 million (plus US$1,070,000 of outstanding interest), as per the Note Purchase Agreement, the Notes have now been cancelled and all securities given in relation to the Notes have been released.  The Notes had a subscription price of 30 pence per ordinary share  which could have converted into approximately 32.5 million Shares.  This right has now been extinguished.

As per the Agreement, 10,000,000 warrants to subscribe for 10,000,000 new Shares have been issued at an initial subscription price of 30 pence per Share (subject to adjustment in certain conditions).  The Company has a pre-emptive right to re-purchase the warrants for cancellation.

No Comments

Post a Comment