Saratoga acquires more CDIs in Sumatra Copper
Thursday, March 13 2014 - 04:12 AM WIB
ASX-listed Sumatra Copper & Gold plc said Thursday that it has been notified that Provident Capital Partners Pte Ltd has assigned to IDX-listed investment firm PT Saratoga Investama Sedaya Tbk one half of the benefit of the Convertible Loan Facility Agreement dated 4 December 2013.
PT Saratoga currently holds 64.23 million CDIs (convertible debt instruments) in the company, representing 15.57 percent of the CDIs on issue.
Sumatra advised on 6 March 2014 that it was drawing down the remaining US$1.5 million (second tranche) under its Convertible Loan Facility Agreement completing the US$4.0 million Convertible Loan Facility Agreement.
Proceeds from the second tranche will be used to fund the remaining phase 3 resource in-fill and extensional drilling program and associated feasibility work to finalize an updated life-of-mine plan for the Tembang gold project in Sumatra, and for general working capital purposes, the company said in a statement last week.
Editing by Reiner Simanjuntak