Sumatra Copper finalizes A$5M debt facility
Monday, April 2 2012 - 07:02 AM WIB
Australian listed miner Sumatra Copper & Gold plc said that it had finalized a convertible debt finance facility of A$5 million with Macquarie Bank Limited.
The company said in a press statement on Monday that it had set out the grant of 25,544,127 options to Macquarie as part of the facility fee. The Company will seek shareholder approval at its Annual General Meeting for the issue of a further 5,705,873 options to Macquarie as part of the facility fee.
Previously, it was reported that Sumatra Copper & Gold Plc had accepted a committed offer of $5 Million convertible debt finance facility from Macquarie Bank Limited for progressing its wholly-owned Tembang Project in Sumatra and also for other working capital purposes.
Sumatra Managing Director Julian Ford said the successful completion of the facility underpinned the company's project development schedule.
Ford added that the company was currently completing the Definitive Feasibility Study for stage 1 of Tembang, which remains on-track to commence production in 2013.
"Macquarie is already a major shareholder in the company, holding approximately 9%," said Ford in the company's statement to ASX.
Editing by Benget Besalicto Tnb.