Sundance Resources (ASX: SDL) has issued $1.3m in new convertible notes and extended the maturity of the September 2017 convertible notes by two years to 23 September 2019. The new convertible notes have a conversion price of $0.0035 and if not converted, the Company will redeem the notes for 120% of their face value.
Sundance Resources Limited (ASX:SDL) (“Sundance”) refers to its ASX announcements dated 23 December 2016 and 12 January 2017 and is pleased to announce that, following satisfaction of all conditions precedent, it has:
- received investments totaling A$1.3m;
- issued the convertible notes (“2016 Investor Group Notes”) to Senrigan Capital Group (“Senrigan”) and Noble Resources International Pte Ltd (“Noble”) and David Porter; and
- extended 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.
pursuant to the terms set out in the Notice of General Meeting and Explanatory Memorandum to shareholders announced on 17 January 2017 and approved by shareholders on 17 February 2017.
An Appendix 3B has been lodged with the ASX in relation to the issue of the 2016 Investor Group Notes to Senrigan, Noble and David Porter.
Sundance CEO Giulio Casello said “The receipt of these funds together with the substantial cash cost reductions voluntarily taken by our management team and the on-ground support by Noble in China will help us drive forward with our strategy to find a partner to develop the Mbalam-Nabeba Iron Ore Project.
“The quality of the Project remains unrivaled and with the continuing long term need for high quality iron ore, which the Project can supply, we remain confident that this Project will be developed.”
