BlackGold seeks to raise up to S$25m in bond issue to 3 investors

BLACKGOLD Natural Resources is looking to raise up to S$25 million by issuing interest-free convertible bonds to three investors, to finance new plans for the business.

The Catalist-listed coal mining company proposed issuing three investors - Jinzhou Business Investment Logistics Co, Atrium Asia Capital Partners and Kingpin Investment - bonds which can be converted into new shares at a price of S$0.015 apiece. The price was agreed by the parties at arm's length, and represents a premium of about 16.28 per cent to the volume-weighted average price of S$0.0129 for trades done on BlackGold shares on the Singapore Exchange on Jan 28.

The conversion shares would represent about 166.05 per cent of the existing share capital and 58.75 per cent of the enlarged issued sharecapital of the company. So far, Jinzhou Business Investment Logistics Co has undertaken to BlackGold not to exercise its conversion right if it ends up with a 30 per cent or larger stake in the latter after the conversion.

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