Sundance secures more financing, extends debt due date
PERTH (miningweekly.com) – Iron-ore developer Sundance Resources has secured an additional A$7-million in funding by executing a term sheet with an existing noteholder.
Some 70 000 convertible notes would be issued at a face value of A$100 each, and would mature on September 23, 2017. No interest would be payable on the notes and they could be converted into Sundance shares at the election of the noteholder.
If all the notes were converted, it would result in the issue of some 437-million shares in Sundance.
If they were not converted prior to the maturity date, the notes had to be redeemed at 120% of the face value.
Sundance said the noteholder had also agreed, in principle, to extend the maturity date of an existing A$44-million convertible notes from November 2015 to September 2017.
“The renewed commitment from noteholders is extremely pleasing and a vote of confidence in the significant progress made on the project over the last nine months,” said Sundance MD Giulio Casello.
“We acknowledge the difficult market conditions being encountered by resource development companies; however, I believe our project stands out due to its robust economics combined with the ongoing support from the governments of Cameroon and Congo, as well as that of China.
“Together with our own cost reduction efforts, we have added significant momentum as we build towards financial close of the Mbalam-Nabeba project, which is expected in 2016.”
The Mbalam-Nabeba iron-ore project straddled the border between Cameroon and the Republic of Congo. The Nabeba deposit would underpin Stage 1 of the Mbalam-Nabeba project development, which was a 35-million-tonne-a-year direct shipping ore operation that would run for a minimum of ten years.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
