macquarie bank refinances $3m of bks debt

ASX Announcement 2 February 2005
Burdekin Pacific Limited A.C.N. 059 329 519
Level 13, BGC Centre 28 The Esplanade Perth WA 6000
Phone: +61 8 9322 6045
Fax: +61 8 9481 5557
Email: [email protected]
Enquiries regarding this announcement can be directed to either:
Mr Jerome G Vitale
Director and Chief Executive Officer
or
Ms Susan J Field
Executive Director and Company Secretary
Phone +61 8 9322 6045

Macquarie Bank to refinance Ocean Notes;
Share Placement
Burdekin Pacific Limited has accepted an offer from Macquarie Bank Limited (“Macquarie”) to provide a $3.0 million secured loan facility to refinance promissory and
convertible notes held by Ocean Resources Capital Holdings plc maturing on 28 February 2005. The remaining $0.5 million portion of the total $3.5 million debt is to be repaid from proceeds of a share placement to be conducted during February. The Macquarie facility is for a two year period and matures on 28 February 2007.
A condition subsequent to the drawdown under the facility is that Macquarie be granted options to acquire shares in the Company at an exercise price equivalent to a 20% premium to the average closing share price in the 10 days preceding acceptance of the facility. The issue of these options will be subject to shareholder approval at a meeting proposed to be held in mid- late March.
The Directors welcome Macquarie as the Company’s lead financier and believe its participation in this capacity is a significant vote of confidence in the upside of the Mt Kasi project and the future of the Company.
Share Placement
The Company has appointed RM Capital Pty Ltd as manager for a public placement of 64 million shares. Details of the February issue will be announced in the week commencing 7 February 2005. The Company will place the shares pursuant to a short form prospectus.
Yours faithfully,
Jerome G Vitale
Managing Director

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