Montréal, Canada: Anvil Mining Limited (TSX, ASX: AVM), (“Anvil” or the“Company”) is pleased to announce that it has completed the first tranche of its previously announced private placement to Trafigura Beheer B.V. (“Trafigura”).
The first tranche consists of the purchase by Trafigura of 15,644,293 equity units at a price of
C$2.20 per Unit, with each Unit comprised of one Common Share of Anvil and 0.232 of one Common Share purchase warrant. Each whole Warrant entitles the holder to acquire one additional Common Share upon payment of C$2.75 (for a period of thirty months from the date of issuance of the Warrant). Giving effect to the exercise of the 3,629,476 Warrants comprised in the first tranche and Trafigura’s pre-existing holdings of 4,850,800 Common Shares, Trafigura’s aggregate equity interest in Anvil is now approximately 19.9%. The gross proceeds received by Anvil from Trafigura for the Units issued in the first tranche were US$31,977,248, leaving a balance of US$68,022,752 to be received upon completion of the second tranche of the private placement.
The second tranche of the private placement is to be completed following approval by the shareholders of the Company at a special meeting expected to be held in November 2009. Upon completion of the second tranche, Anvil will have received gross proceeds totalling US$100 million from Trafigura from the two tranches of the private placement. In addition to the equity financing, Trafigura has also agreed that concurrently with the completion of the second tranche of the private placement, it will make available to the Company a loan facility with a total commitment of US$100 million, which will be available for drawdown only after funds from the equity financing have been utilised.
The proceeds of the transaction will be used to recommence construction of the Kinsevere Stage II 60,000 tonnes of copper per year Solvent Extraction - Electrowinning project located in Katanga Province in the Democratic Republic of Congo and for general working capital purposes.
The first tranche consists of the purchase by Trafigura of 15,644,293 equity units at a price of
C$2.20 per Unit, with each Unit comprised of one Common Share of Anvil and 0.232 of one Common Share purchase warrant. Each whole Warrant entitles the holder to acquire one additional Common Share upon payment of C$2.75 (for a period of thirty months from the date of issuance of the Warrant). Giving effect to the exercise of the 3,629,476 Warrants comprised in the first tranche and Trafigura’s pre-existing holdings of 4,850,800 Common Shares, Trafigura’s aggregate equity interest in Anvil is now approximately 19.9%. The gross proceeds received by Anvil from Trafigura for the Units issued in the first tranche were US$31,977,248, leaving a balance of US$68,022,752 to be received upon completion of the second tranche of the private placement.
The second tranche of the private placement is to be completed following approval by the shareholders of the Company at a special meeting expected to be held in November 2009. Upon completion of the second tranche, Anvil will have received gross proceeds totalling US$100 million from Trafigura from the two tranches of the private placement. In addition to the equity financing, Trafigura has also agreed that concurrently with the completion of the second tranche of the private placement, it will make available to the Company a loan facility with a total commitment of US$100 million, which will be available for drawdown only after funds from the equity financing have been utilised.
The proceeds of the transaction will be used to recommence construction of the Kinsevere Stage II 60,000 tonnes of copper per year Solvent Extraction - Electrowinning project located in Katanga Province in the Democratic Republic of Congo and for general working capital purposes.
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