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Oxus Gold Loan Note Holders Agree To Convert To Equity (ALLISS)

Fri, 16th Oct 2015 10:05

LONDON (Alliance News) - Oxus Gold PLC on Friday said its loan note holders have agreed to convert outstanding principal and interest into equity in the company.

The loan notes had been due for repayment on either December 14 - the date on which the proceeds of an award, settlement or other realisation for value in the UNCITRAL arbitral proceedings against the Republic of Uzbekistan are received by the company - or 60 calendar days from the date on which the proceedings conclude or terminate in the case where no payment is receivable by the company.

The conversion price per share has been reduced by 4 pence to 8p, Oxus said. A total of 129.0 million shares have been issued, giving a total issued share capital of 703.8 million shares. Shares in Oxus were up 16% at 4.65 pence on Friday late morning.

RAB Special Situations (Master) Fund Ltd has been issued with 50.9 million shares in the company, while 3.8 million shares have been issued to RAB SS in place of interest due over January 6 to October 15. Trident Trust Company (Malta) Ltd has been issued with 51.8 million shares at 8p per share.

"The board believes that the additional dilution resulting from the change in conversion price from 12p to 8p is more than compensated by the removal of the liability to repay USD12 million on December 14, 2015, as well as removing the ongoing interest accrual. This, together with the facility recently announced with Darwin, significantly strengthens the financial position of the company," Chairman Richard Shead said in a statement.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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