Cape Alumina doubles MetroCoal debt
PERTH (miningweekly.com) – Takeover target Cape Alumina has doubled the unsecured debt financing provided by fellow-listed MetroCoal to progress its Bauxite Hills project, in Queensland.
As part of a takeover offer launched in August, MetroCoal provided Cape Alumina with A$250 000 debt financing to progress the Bauxite Hills project.
The ASX-listed Cape Alumina told shareholders on Monday that this financing had been increased to A$500 000.
The loan would enable Cape Alumina to preserve its existing cash resource, pending the resolution of the takeover bid, while continuing to advance Bauxite Hills’ critical work programme, the company said, which included environmental work and bauxite analysis to enable a measured Joint Ore Reserves Committee-compliant resource to be estimated.
The unsecured loan would have an interest rate of 10% a year, and could be repaid in cash by October 3, 2015, or 21 business days after Cape Alumina issued at least A$1-million of marketable securities, or on Cape Alumina entering into additional debt without the consent of MetroCoal.
Under its current takeover target, MetroCoal is offering Cape Alumina shareholders one of its own shares for every 1.3 Cape Alumina shares held.
The company currently holds a 76.9% interest in Cape Alumina.
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