Short term. VWAP: 5.8 atm with intraday high of 7.6 - 52.5m vol will ensure liquidity for some time now.
Sydney - Thursday - October 22: (RWE Aust Business News) - Metal
Storm Ltd (ASX:MST) has secured an equity and debt placement of up to
$US35m from international investment company Assure Fast Holdings
Limited BVI (AFHL).
The negotiations were completed in Hong Kong with AFHL and its
bank, the Royal Bank of Scotland.
Metal Storm CEO Dr Lee Finniear said the company signed a
subscription agreement for the issue of a total of 1bn shares and 100m
options for $US17.5m with AFHL on October 19.
"The equity issue will be in two tranches. The first tranche of
110m shares for $US1.925m will be subscribed on 3 November 2009 upon
receipt of those funds," he said.
"The second tranche of 890m shares and 100m options for
$US15.575m is subject to shareholder approval."
Subject to certain adjustments in certain circumstances, each
option entitles AFHL to subscribe for one share at an exercise price of
6c at any time within three years after issue.
They are transferable, but will not be quoted on ASX.
Dr Finniear said that, in addition and subject to agreement of
final terms, AFHL intended to lend a further $US17.5m to the company.
Terms of this loan have yet to be finalised.
The loan will be subject to the issue of both tranches of
equity, and will also require noteholder approval.
Reuters.
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