RCF, Taurus to convert loans to shares, Finder says
Wednesday, May 8 2013 - 02:22 AM WIB
ASX-listed Finders Resources Limited reported on Wednesday that Taurus Funds Management and Resource Capital Fund IV LP (RCF) have requested a conversion of their outstanding convertible notes to shares at the price (16.5 cents per share) of the recent announced placement to Provident Capital Partners.
The conversion would leave Finders debt free. The company said that it would also reduce the funding required for construction of the Wetar Copper Project. In exchange Finders would issue 84.8 million shares in total to Taurus and RCF.
?The conversion request by RCF and Taurus is another strong vote of confidence in the Wetar project. If it proceeds it will leave Finders with a simpler balance sheet and reduced requirement as we move to construction," Chris Farmer, Managing Director of Finders said in the statement.
Editing by Adianto P. Simamora