Sundance Resources (ASX: SDL) is a step closer to finding a partner for its flagship Mbalam-Nabeba Iron Ore Project in Central Africa after executing formal documentation for the investment of A$1.3 million through a subcription of new convertible notes. The investment, through a note subscription by Noble Resources International, will be used to assist in finding a partner for the project on the border of Cameroon and the Republic of Congo.
Sundance Resources Limited (ASX : SDL) (“Sundance” or “Company”) refers to its ASX announcement dated 23 December 2016 and is pleased to announce it has executed formal documentation for the:
- investment of A$1.3 million into the Company through a subscription for new convertible notes (“2016 Investor Group Notes”) by Noble Resources International Pte Ltd (“Noble”), an investment vehicle managed by Senrigan Capital Group (“Senrigan”) and David Porter, to be used to assist in an enhanced strategy to find a partner for the Mbalam Nabeba Iron Ore Project; and
- extension of the maturity date of the convertible notes due on 23 September 2017 to 23 September 2019 held by Noble, Wafin Limited, Senrigan and investment vehicles managed by D.E. Shaw and Blackstone Group L.P.
The formal documentation contains what Sundance considers to be customary conditions precedent for transactions of this nature.
Sundance will seek approval from shareholders to issue the 2016 Investor Group Notes at an Extraordinary General Meeting to be held in mid-February 2017. Further details of the terms and conditions of the 2016 Investor Group Notes will be provided to shareholders in a Notice of Extraordinary General Meeting that is expected to be despatched to shareholders shortly.