Beaconsfield Gold NL
Monday, September 17th, 2007
Beaconsfield Gold NL has finalised an $8.2 million capital raising. A total of 33.6 million new shares have been placed with sophisticated and professional investors at a price of 23 cents per share. In addition, 2 million convertible notes have been placed at 25 cents each.
The placement was made under ASX Listing Rule 7.1, which allows for the issue of up to 15% of existing shares without shareholder approval and, in accordance with the requirements of the Corporations Act 2001, was necessarily made to sophisticated and professional investors only.
Principal terms for the convertible notes are:
â€¢ notes are redeemable at the end of two years if not converted;
â€¢ each note is convertible into one Beaconsfield Gold fully paid share at any time during the two years; and
â€¢ notes earn interest of 6% p.a., payable six-monthly in arrears.
The working capital raised will secure the completion of both the re-commissioning at the Beaconsfield Mine and the corporate restructure of Allstate Explorations NL. Beaconsfield Gold now owns 90% of Allstate and has moved to a 100% effective economic interest in the mine.
Chief Executive Officer Mr Bill Colvin said: â€œIt is pleasing that this $8.2 million raising was well supported by the market. This additional funding leaves Beaconsfield Gold in a strong position as the full re-commissioning of the mine is achieved in the coming months. It will also allow for accelerated regional exploration drilling programs on our gold and copper targets at Beaconsfield and Stavely.â€