LONDON (Thomson Financial) - Oxus Gold Plc. said it has raised $18.5 million
to help fund the Amantaytau Goldfields (AGF) project by placing 8.0 percent
unsecured convertible loan notes with existing institutional and strategic
shareholders and to new institutional investors.
The notes are convertible into new shares at a price of 37 pence each, it
added.
On April 29 Oxus had said it planned to place between $25 million and $35
million of convertible loan notes.
Chief executive Richard Wilkins said today: "This placement of loan notes,
although less than we had originally proposed to raise, is still sufficient to
enable AGF to proceed with the development of the underground sulphides project,
ahead of drawdown on the RBS facility, and in order for AGF to meet its first
underground production target of Q3 2009."
Oxus has mandated the Royal Bank of Scotland to arrange a project finance
facility of about $150 million on behalf of AGF with the first drawdown on the
facility expected to occur by November 2008.
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