Batavia Mining Limited (ASX: BTV) confirms that it has a $2.100 million Convertible Note investment in ASX listed West Australian Metals Limited (“WME”). Under the terms of the Notes, BTV may convert the investment into 30 million shares (being an exercise price of 7 cents per share).
WME is an ASX listed company whose principal asset is the Marenica Uranium Project located in the uranium rich Damara Province in Namibia.
BTV notes the proposed significant capital raising by WME, which was announced recently.
BTV today announces that it proposes to convert the notes into 30 million ordinary fully paid shares in WME. Upon completion of the proposal placement by WME, the shares issued will be fully tradable.
BTV notes that the market price for WME shares is 19.5 cents.
