PAR.L Regulatory News (PAR)

7 Mar 2008 13:12

Noventa Limited07 March 2008 Noventa Limited ("Noventa" or the "Company") Issue of Convertibles The Board of Noventa wish to announce that the Company has raised an additional$3 million in the form of Zero Coupon Convertible Unsecured Loan Notes (the"Convertibles"). The proceeds from the Convertibles will be used for additionalworking capital, required as a result of previously announced delays to theplanned ramp-up to full production at its Marropino Mine. The Convertibles have been issued to Highland African Ventures Limited, anexisting substantial shareholder. The Convertibles have the following principal terms: •Convertible into ordinary shares or non-voting ordinary shares at an effective £1.75 per share. •Convertible at the holder's discretion into ordinary shares at any time. •Convertible at the Company's discretion into non-voting ordinary shares at any time following the creation of a new class of non-voting ordinary shares. •The holder may require some or all of the Convertibles to be repaid in the event of an issue by the Company of new ordinary shares for cash on the basis that the entire proceeds are immediately applied by the holder in subscribing for its entitlement to such new ordinary shares. •If the Convertibles are not converted, the principal amount is repayable on 31 December 2020. •No interest shall be payable by the Company in respect of the Convertibles. The directors, in consultation with Investec Bank (UK) Limited, their nominatedadvisor, consider the terms of the transaction to be fair and reasonable insofaras its shareholders are concerned. The Company intends to update shareholders on current trading following releaseof the year end results due to be published on 14 April 2008. For further information: Clinton WoodNoventa Limited+27 (0)82 880 3392 / +27 (0)11 823 1400www.noventa.net Jane Stacey/Arabella HobbsConduit PR+44 (0)207 429 6606 / +44 (0)792 292 3306 This information is provided by RNS The company news service from the London Stock Exchange