Minerals Corporation $3.7m note issue at $1 each 15:20, Wednesday, 22 May 2002
Sydney - Wednesday - May 22: (RWE) - Minerals Corporation Ltd will issue 3.68 million converting notes at $1 to raise $3.7 million. Funds raised will be used for the development of the company's Skardon River kaolin project in north Queensland. The notes will earn an interest rate of 11.5 per cent a year to September 30 2004, at which date the notes convert into shares at a 10 per cent discount to market price. MSC executive chairman Mr Vic Alexander said the notes were secured over 74 per cent of the shares of Queensland Kaolin Ltd, which owns the Skardon River project, valued in June at $93.5 million. "The development of this exciting project will greatly enhance the assets and cash flows of the company and has already allowed us to significantly upgrade group management with highly skilled people from around the world," Mr Alexander said. The processing facilities at Skardon River have been brought to operational status. Shares in Minerals Corporation were up 0.5c to 30.5c this afternoon.
http://www.mineralscorp.com.au/
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