By Sheri Kasprzak
New York, Sept. 19 - Lafayette Mining Ltd. said it plans to raise A$8 million from a private placement of convertible notes.
The 10% notes have a stated value of A$1.00 each, mature in four years and are convertible into common shares at A$0.20 each.
The interest on the notes is payable biannually on Oct. 15 and April 15 in cash or stock.
There is also a commodity-price provision for the notes that will allow the holders to receive a 1% pro rata share of revenues from Lafayette's copper and gold earnings when the London Metals Exchange price exceeds US$2.00 per pound for copper and US$475.00 per ounce for gold.
Based in Melbourne, Australia, Lafayette is a mineral exploration company.
| Issuer: | Lafayette Mining Ltd.
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| Issue: | Convertible notes
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| Amount: | A$8 million
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| Maturity: | Four years
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $0.20
|
| Warrants: | No
|
| Pricing date: | Sept. 19
|
| Stock price: | A$0.175 at close Sept. 19
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