LONDON MINING PLC LAUNCHES USD110M CONVERTIBLE BOND
(Thomson Reuters ONE) -
London Mining (AIM: LOND / Oslo: LOND), the AIM-listed iron ore developer with
assets in Sierra Leone, Greenland, Saudi Arabia and China and a coke production
and coking coal exploration project in Colombia, announces today that it intends
to make an offering (the "Offering") of senior, unsecured convertible bonds due
2016 (the "Bonds") to certain international institutional investors. The Bonds
are proposed to be issued at a principal amount of USD110 million. The net
proceeds of the Offering are intended to be used primarily to fund Phase 1 capex
for the Marampa (Sierra Leone) iron ore development project, which is 100% owned
by the Company.
The Bonds are expected to be issued by the Company's wholly-owned subsidiary
London Mining (Jersey) Plc and will be guaranteed by the Company. The Bonds are
expected to carry a coupon of 8.00% per annum payable semi-annually in arrear
and will be convertible into fully paid ordinary shares of the Company (the
"Shares"). The initial conversion price is expected to be set at a premium of
32% to 38% to the volume weighted average price of the Shares between launch and
closing today. The Bonds will be issued at 100% of their principal amount and,
unless previously converted, redeemed or purchased and cancelled, will be
redeemed at 100% of their principal amount on maturity. The final terms of the
Bonds are expected to be announced today and closing is expected on or about 15
February 2011.
London Mining will have the right to redeem all outstanding Bonds at par
together with accrued interest from 3 years after the closing date at any time
as long as the share price exceeds 130% of the conversion price for more than
20 out of 30 consecutive trading days, or if 15% or less of the Bonds remain
outstanding.
Liberum Capital Limited and J. P. Morgan Cazenove are acting as Joint
Bookrunners.
London Mining is pleased to announce the appointment of J.P. Morgan Cazenove as
joint corporate broker with immediate effect. J.P. Morgan Cazenove will act
alongside Liberum Capital Limited, London Mining's existing Nominated Adviser
and joint corporate broker.
The Company's Website can be found at: www.londonmining.co.uk
For more information, please contact:
London Mining Plc
Graeme Hossie, Chief Executive Officer +44 20 7201 5000
Rachel Rhodes, Chief Financial Officer
Thomas Credland, Head of Investor Relations
Liberum Capital (Nominated Advisor and Broker)
Clayton Bush / Christopher Kololian +44 203 100 2000
Simon Smith / Richard Tomblin (convertible sales)
J.P. Morgan Cazenove (Broker)
Adam Brett / Neil Passmore +44 207 742 4000
Crux Kommunikasjon AS
Charlotte Knudsen +47 97 56 19 59
Brunswick Group
Carole Cable / Daniel Thöle +44 20 7404 5959
About London Mining
London Mining is focused on identifying, developing and operating mines to
become a mid-tier supplier to the global steel industry. Its five assets in
Sierra Leone, Colombia, Greenland, Saudi Arabia and China all have deliverable
production with potential for expansion. The Company listed on the Oslo Axess on
9 October 2007 and on AIM in London on 6 November 2009. It trades under the
symbols LOND.L and LOND.NO (Reuters) and LOND LN and LOND NO (Bloomberg).
This announcement does not constitute or form part of an offer to sell or the
solicitation of an offer to subscribe for or otherwise acquire any securities.
The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933. Accordingly, these securities may not be
offered, sold or delivered in the United States.
This communication is directed only at persons who (i) are outside the United
Kingdom or (ii) have professional experience in matters relating to investments
or (iii) are persons falling within Article 49 (2)(a) to (d) ("high net worth
companies, unincorporated associations etc") of The Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only to
relevant persons and will be engaged in only with relevant persons.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: London Mining Plc via Thomson Reuters ONE
[HUG#1483644]
Unternehmensinformation / Kurzprofil:
Datum: 31.01.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 50876
Anzahl Zeichen: 5837
contact information:
Town:
London
Kategorie:
Business News
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