Deal includes 29 million options, funds development of Bibiani Project
By Devika Patel
Knoxville, Tenn., April 19 - Noble Mineral Resources Ltd. said it arranged a A$20 million private placement of shares with clients of BBY Ltd.
The placement will be conducted in two tranches, with the initial tranche consisting of about 39.1 million shares at A$0.345 per share, an 11.54% discount to the April 18 closing share price of A$0.39.
The second tranche, which is subject to shareholder approval, will consist of about 18.9 million shares sold at the same price per share.
The shares will come with a total of about 29 million options, which are each exercisable at A$0.48, a 23.08% premium to the April 18 closing share price. The options expire May 1, 2015.
Proceeds will be used for development of Noble's Bibiani Gold Project in Ghana.
Based in South Perth, Western Australia, Noble explores large-scale gold deposits in Ghana.
| Issuer: | Noble Mineral Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$20 million
|
| Shares: | 58 million (approximate)
|
| Price: | A$0.345
|
| Options: | About 29 million
|
| Option expiration: | May 1, 2015
|
| Option strike price: | A$0.48
|
| Agent: | BBY Ltd.
|
| Pricing date: | April 19
|
| Settlement date: | April 24 (for A$13.5 million)
|
| Stock symbol: | Australia: NMG
|
| Stock price: | A$0.39 at close April 18
|
| Market capitalization: | A$167.46 million
|
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