Oxus Gold PLC Amendments to and Conversion of CLNs (5146C)
16 Oktober 2015 - 11:50AM
UK Regulatory
TIDMOXS
RNS Number : 5146C
Oxus Gold PLC
16 October 2015
16 October 2015
OXUS GOLD PLC
("Oxus" or the "Company")
Amendments to and Conversion of Convertible Loan Notes
Oxus Gold plc is pleased to announce that by Deed of Variation
dated 15 October 2015 (the "2015 Deed") the terms of its
Convertible Unsecured Loan Notes 2010 (as amended by a Supplemental
Deed dated 6 January 2010 and a Deed of Variation dated 1 August
2012) (the "Notes") have been amended and all remaining loan note
holders have agreed to convert outstanding principal and interest
relating to the Notes into ordinary shares of the Company
("Ordinary Shares").
Before the 2015 Deed was completed, the Notes were due to be
repaid on the earlier of 14 December 2015; 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.
Pursuant to the 2015 Deed, and in consideration of the
Noteholders agreeing to the immediate conversion of the Notes into
Ordinary Shares, the conversion price per share of the principal
amount of the Notes plus capitalised interest to 5 July 2012 has
been reduced from 12p to 8p.
As a result, 50,878,763 Ordinary Shares have today been issued
to RAB Special Situations (Master) Fund Limited ("RAB SS") pursuant
to the conversion of Notes plus capitalised interest to 5 July 2012
at 8p per share.
In addition, 3,790,471 Ordinary Shares have today been issued to
RAB SS in lieu of accrued interest for the period 6 January 2015 to
15 October 2015. This figure has been calculated using the formula
in the terms of the Notes which provides for any interest accruing
after 5 July 2012 to convert at the average closing mid-market
share price for the Company for each 6 month interest period. RAB
SS converted all accrued interest between 5 July 2012 and 5 January
2015 into Ordinary Shares in March 2015.
51,779,497 Ordinary Shares have today been issued to Trident
Trust Company (Malta) Limited ("Trident") pursuant to the
conversion of Notes plus capitalised interest at 8p per share. In
addition, 22,598,914 Ordinary Shares have today been issued to
Trident in lieu of accrued interest for the period 6 July 2012 to
15 October 2015. These shares were issued using the same formula
referred to above and in accordance with the terms of the
Notes.
Application has been made for a total of 129,047,645 new
Ordinary Shares to be admitted to trading on the AIM Market of the
London Stock Exchange. The new Ordinary Shares will rank pari passu
with existing Ordinary Shares and dealings are expected to commence
on 22 October 2015.
Following the issue of Ordinary Shares as set out above, the
Company's issued share capital now consists of 703,789,225 Ordinary
Shares, none of which are held in Treasury. Therefore, the total
number of voting rights in the Company is 703,789,225.
Richard Shead, Chairman, commented: "I am pleased that agreement
has been reached with regard to the remaining convertible loan
notes. 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 $12 million on
14 December 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".
For further information, please contact:
Oxus Gold PLC Tel: +44 (0) 20 7907
Richard Shead 2000
SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Ewan Leggat / Stuart
Gledhill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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