Restructuring of Convertible Loan Notes

28 Jan 2010 09:44



OXUS GOLD PLC

Restructuring of Convertible Loan Notes

LONDON: 28 January 2010 - Further to the announcement on 7 January 2010 that Oxus Gold plc ("Oxus" or the "Company") (OXS.L) has signed an agreement with the CITIC Group consortium to provide up to $185 million in financing, subject to the satisfaction of certain conditions precedent, and the ratification of that financing by shareholders at an Extraordinary General Meeting held on 26 January 2010, the Company is pleased to confirm that the restructuring of its existing convertible loan notes has now been completed.

In May 2008 the Company issued convertible loan notes in the principal amount of $18.5 million. These notes were convertible into ordinary shares of the Company at 37p per share, earned interest at 8% per annum and were repayable, if not converted, in May 2010. The notes have now been restructured such that they are convertible at 12p per share, earn interest at US LIBOR + 3% per annum, and the repayment date has been extended to May 2013.

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