All tagged Sundance Resources ASX:SDL
Sundance Resources (ASX: SDL) has provided its activities report for the quarter ended 30 September.
As announced on in July, Sundance Resources (ASX: SDL), AustSino Resources Group (ASX: ANS) and the Noteholders of Sundance entered into an agreement which regulates the terms on which AustSino would invest in Sundance and the existing notes held by the Noteholders would be cancelled in exchange for a cash, share and option package.
Sundance Resources Limited (ASX: SDL) has provided the following information about activities for the quarter ended 30 June 2019.
Sundance Resources Limited (ASX: SDL) has entered into a new agreement with AustSino and the Noteholders of the Company being Senrigan Master Fund, Noble Resources International Pte Ltd, D. E. Shaw Composite Holdings International Ltd, BSOF Master Fund L.P. Wafin Limited and David Porter, after reinstatement of the Mbalam Convention was unable to be secured.
Sundance Resources (ASX: SDL) spent the March quarter progressing its AustSino/noteholder agreement, which now has an end date of June 30. The company also received a $1.1 million investment from sophisticated investors during the reporting period, while it waits on the Cameroon government's decision on the Mbalam Convention reinstatement.
Sundance Resources Limited (ASX: SDL) has provided a market update on both meetings with the Cameroon government and its noteholder agreement with AustSino Resources Group. Sundance and AustSino have extended the endate of their noteholder agreement to June 30, whilst the Cameroon govt has signaled plans to reinstate the Mbalam Convention with the company.
Sundance Resources (ASX: SDL) has received a further $800,000 from sophisticated investors, with the proceeds to be used to progress the requirements of its binding agreement with AustSino Resources Group. The terms of the funding are the same as those announced on 31 December 2018.
For Sundance Resources (ASX: SDL), the December quarter was a period which saw the company progress its funding agreement with AustSino, which will leave the company debt-free, deliver finance and bring in partners who have the capability and capacity to fund and bring the Mbalam Nabeba iron ore project into production.
Sundance Resources (ASX: SDL) has been granted an extension to the period within which it needs to hold its 2018 AGM by the Australian Securities and Investments Commission, from 30 November 2018 to 31 January 2019. Sundance will issue the 2018 Annual Report as soon as possible and will advise shareholders of the exact date of the AGM in due course.
Sundance Resources (ASX: SDL) has received $250,000 worth of initial placement funds priced at 0.4c a share from AustSino Resources Group (ASX: ANS), part of a broader, transformational deal that will also see the Perth iron ore hopeful's debt extinguished. Sundance shares remain in suspension while AustSino, whose shares are also in suspension, provides more information to the ASX on AustSino's corporate structure and a proposed $58 million raising.