All tagged Sundance Resources ASX:SDL
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.
Sundance Resources' (ASX: SDL) largest noteholder Wafin has thrown its support behind a transformational restructure that will leave the Perth iron ore hopeful debt free and in a strong position to advance the world-class Mbalam-Nabeba iron ore project in West Africa. Wafin holds $63.3m of Sundance's $132.9m worth of convertible notes. The restructure will see strategic investor AustSino Resources (ASX: ANS) inject $58m cash and the notes cancelled.
Sundance Resources (ASX: SDL) has struck a deal that cancels its debt and firmly positions the company to advance the world-class, high-grade Mbalam-Nabeba iron ore project in West Africa. The deal will see AustSino Resources (ASX: ANS) inject $58m into Sundance in return for a majority stake. Sundance will use $50m of the cash to cancel $133m of notes - noteholders will also receive shares and options - to leave enough cash to advance Mbalam-Nabeba feasibility work.
As flagged in its June quarterly report, Perth iron ore company Sundance Resources (ASX: SDL) has secured a funding injection while it completes a transformational debt restructuring. Sundance will place $750,000 worth of stock, at 0.4c a share, with AustSino Resources Group (ASX: ANS). The funds will also give AustSino exclusivity until August 31 to discuss development options with Sundance regarding the high-grade Mbalam-Nabeba projcet in West Africa.
Sundance Resources (ASX: SDL) says it is confident of raising fresh funds after announcing a deal with noteholders that will leave the Perth-based, Africa-focused iron ore company debt free. Signing off on the June quarter, Sundance said it had kept expenditure to a minimum as it progressed the noteholder debt-to-equity deal, which was signed and announced after quarter end. The debt deal positions Sundance to advance its Mblama-Nabeba iron ore project.