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Sydney - Friday - November 28: (RWE Australian Business News) -
Compass Resources Ltd (ASX:CMR) has agreed on final terms of the
previously announced placement to Hunan Nonferrous Metals Corporation.
The $US10m convertible note will be priced at A42c per share,
using an $A/$US exchange rate of A65.68c.
This placement is subject to FIRB and ASIC approval and will be
voted on by shareholders at an extraordinary meeting.
At that time, shareholder approval will also be sought for the
$US23m Coffee House Convertible Note and accumulated fees. These will be
on the same terms as those agreed to with Hunan, with conversion of the
Coffee House note also pending no objections from the FIRB and ASIC.
Subject to all approvals being met, these notes will convert
directly into Compass shares.
Proceeds will be directed towards the provision of working
capital support for the Browns Oxide project in the Northern Territory,
where Compass is currently producing copper cathode.