Here's a copy of the Equity facility announcement, announcement...

Here's a copy of the Equity facility announcement, announcement 16/12/10.

Does anybody remember what happened to the $50m facility by YA Global, I assume it was retired, I just haven't stumbled on an announcement.


Equity Facility

In addition to the Cornerstone Placement, Peninsula has secured a A$100m Equity Facility with Pala (Equity Facility). This facility will add considerably to Peninsula’s funding flexibility, maximization of the debt component of future financings and will add to the likelihood of more favourable terms goingforward.

Under the Equity Facility, Peninsula may, at its
discretion, over a period of 5 years, draw down on this
facility in part or whole, subject to Pala’s approval of the use of funds.

Shares issued to Pala as consideration for draw down will be priced at the Company’s 20 day volume weighted average price (VWAP) prior to the draw date and will include one attaching two year option with a strike price 20% above the share price for every two drawdown shares issued.

In consideration for providing the Equity Facility, Pala will receive a fee equivalent to 1.20% of the facility annually in the form of PENOC options (based on 30 day VWAP calculation) in staged tranches; 47% of the options to be issued upon execution of the Equity Facility agreement and 13.3% on each of the four following anniversaries.

Here's some numbers.

Current PEN shares 2,559,655,560
PENOC ex 31/12/15....483,849,623
PEN sharepotential.3,043,505,183

Pala currently hold 505,448,678 shares or 19.75%
Announcment 16/7/12

20% of pen& oc = 608,701,036 than PALA can hold or a further 103,252,358 when oc's are exercised. Which means they can draw down $3.4M at 5c (as 68.8M shares & 34.4m options)without exceeding 20% after 31/12/15

If PEN were to use the 100M facility (20 day vwap)at say 5 cents, they would get 2B shares plus 1B options as 1 for every 2, or at 10c, 1B shares plus 500M options...Hmmmm

All options seem not equitable other than a big ticket item/ takeover play or protection (ie Pala is white knight)

Still thinking (hurts on a Sunday)

M