Zero-coupon convertible debentures sold to Sentient Executive GP IV
By Devika Patel
Knoxville, Tenn., Oct. 13 – Marengo Mining Ltd. said it arranged a $14 million private placement of 0% convertible debentures with Sentient Executive GP IV, Ltd. The convertibles will be issued in two tranches of $7 million each.
The convertibles are due on Dec. 31, 2017 and initially may be converted to common stock at C$0.45 per share.
Proceeds will be used for drilling and exploration work, the company's operations in Papua New Guinea, working capital and general corporate purposes.
“This financing allows Marengo to continue the budgeted work programs for the company's Yandera and La Cobota Projects and potentially pursue other base metal opportunities globally,” president and chief executive officer Pieter Britz said in a press release.
The Perth, Australia, and Papua New Guinea, company explores and develops copper, gold and molybdenum properties.
| Issuer: | Marengo Mining Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | $14 million
|
| Maturity: | Dec. 31, 2017
|
| Coupon: | None
|
| Conversion price: | C$0.45
|
| Warrants: | No
|
| Agent: | Sentient Executive GP IV, Ltd.
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 13 (for $7 million)
|
| Stock symbol: | Toronto: MRN
|
| Stock price: | C$0.01 at close Oct. 9
|
| Market capitalization: | C$5.69 million
|
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