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Issue of Convertible Loan Not

14 May 2008 11:49

RNS Number : 4219U
Oxus Gold PLC
14 May 2008
 



OXUS GOLD PLC

Issue of Convertible Loan Notes

LONDON: 14 May 2008 - Oxus Gold plc ("Oxus" or the "Company") (OXS.L) announces that it has completed a placement of 8.0% unsecured convertible loan notes in units of $250,000 each at par, due 2010 (the "Notes"), for gross proceeds of $18.5 million. The Notes have been issued to existing institutional and strategic shareholders and to new institutional investors.

The Notes are convertible into new ordinary shares of the Company at a price of 37 pence per share. At the holder's option, the Notes may be converted on the earlier of a written request from the holder to convert, or first drawdown on the project finance facility to construct the underground sulphides project at Amantaytau Goldfields ("AGF"). The Notes may also be redeemed on the earlier of first drawdown on the project finance facility, or two years. If all the Notes are converted, the maximum number of new shares that would be issued is 26,315,789.

Oxus has mandated the Royal Bank of Scotland to arrange a project finance facility of approximately US$150 million on behalf of AGF. First drawdown on the facility is currently expected to occur by November 2008.

Richard Wilkins, CEO of Oxus, commented: "I am very pleased that we were able to conclude this issue in the context of the current market. This placement of loan notes, although less than we had originally proposed to raise, is still sufficient to enable AGF to proceed with the development of the underground sulphides project, ahead of drawdown on the RBS facility, and in order for AGF to meet its first underground production target of Q3 2009. It will also enable AGF to construct the heap leach operation at Asaukak, and to progress its exploration programme. I believe that the Company has now entered a new phase of its development, one that will see our attributable gold production increase significantly, and with it our profitability. We will also have financed a major capital expenditure programme with minimum dilution to our shareholders. 

 

OXUS GOLD PLC Tel: +44 (0) 207 907 2000

Jonathan Kipps - Finance Director

Richard Wilkins - Chief Executive Officer

CANACCORD ADAMS LIMITED Tel: +44 (0) 207 050 6500

Mike Jones

Robin Birchall

BANKSIDE CONSULTANTS Tel: +44 (0) 207 367 8888

Keith Irons

Oliver Winters

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IODILFSIEVISLIT
Date   Source Headline
20th May 20095:03 pmRNSAnnual Financial Report
20th May 20099:39 amRNSAmantaytau Update
18th May 20097:00 amRNSFinal Results
3rd Apr 20095:50 pmRNSIssue of Shares and Director Shareholding
31st Mar 20094:42 pmRNSSecond Price Monitoring Extn
31st Mar 20094:37 pmRNSPrice Monitoring Extension
25th Feb 200911:48 amRNSChange of Registered Office
9th Feb 20092:19 pmRNSDirectors Share Options
6th Feb 20092:16 pmRNSGrant of Warrants
5th Feb 20095:00 pmRNSDirector/PDMR Shareholding
5th Feb 20094:22 pmRNSAppointment of Joint Broker
3rd Feb 20093:46 pmRNSDirectorate Change
23rd Jan 20093:17 pmRNSHolding(s) in Company
23rd Jan 20097:00 amRNSCorporate Update
8th Dec 20087:30 amRNSResults of AGM/ Remuneration Policy
8th Dec 20087:00 amRNSChange of Adviser
27th Nov 20085:58 pmRNSDirector/PDMR Shareholding
7th Nov 20084:44 pmRNSSecond Price Monitoring Extn
7th Nov 20084:40 pmRNSPrice Monitoring Extension
6th Nov 20087:00 amRNSNotice of AGM: Board Changes
6th Nov 20087:00 amRNSBFS - Increases in Gold Reserves
27th Oct 20083:13 pmRNSHolding(s) in Company
13th Oct 20087:00 amRNSDirector/PDMR Shareholding
1st Oct 20081:14 pmRNSHolding(s) in Company
24th Sep 20081:09 pmRNSInterim Results
22nd Sep 20087:00 amRNSAppointment of Joint Broker
11th Sep 20084:41 pmRNSSecond Price Monitoring Extn
11th Sep 20084:35 pmRNSPrice Monitoring Extension
16th Jul 20087:00 amRNSDirector/PDMR Shareholding
24th Jun 20084:42 pmRNSSecond Price Monitoring Extn
24th Jun 20084:36 pmRNSPrice Monitoring Extension
23rd Jun 20087:00 amRNSAmantaytau Update
16th Jun 20084:40 pmRNSSecond Price Monitoring Extn
16th Jun 20084:36 pmRNSPrice Monitoring Extension
13th Jun 20084:40 pmRNSSecond Price Monitoring Extn
13th Jun 20084:35 pmRNSPrice Monitoring Extension
13th Jun 20087:00 amRNSDirectorate Change
3rd Jun 20084:41 pmRNSSecond Price Monitoring Extn
3rd Jun 20084:36 pmRNSPrice Monitoring Extension
22nd May 20088:40 amRNSSettlement with Oxus Gold Plc
21st May 200812:49 pmRNSEurogold Settlement Completed
20th May 200812:10 pmRNSShare Option Plan
19th May 20083:56 pmRNSDirector/PDMR Shareholding
16th May 200812:37 pmRNSSettlement of Arbitration
14th May 200811:49 amRNSIssue of Convertible Loan Not
9th May 20088:29 amRNSSettlement with Oxus Gold Plc
8th May 200812:45 pmRNSAGF Project Finance
6th May 20087:02 amRNSRe: Arbitration
29th Apr 20082:04 pmRNSRe: Convertible Loan Notes
2nd Apr 20084:53 pmRNSWarrants - Amendment

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