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Gold/Mining/Energy : The Metals Thread
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To: Taikun who wrote (124)4/3/2007 3:34:23 PM
From: DaveAu  Read Replies (1) of 252
 
That article fails to mention the Toxic financing that was done:


The Company has accepted a commitment from Sentient to provide convertible debt facilities for (i) a 12-month extension of amounts currently outstanding in accordance with the Sentient Note at an interest rate of 11.25% and (ii) a US$22 million non-revolving loan facility at an interest rate of 9.25%, (the "Senior Facility") to be used to retire a portion of the currently outstanding BNP Facilities and to assist with the Company's overall funding requirements. The conversion rights, which the Company will put before independent shareholders for approval at the 2007 annual meeting, will allow the holder to convert outstanding principal amounts into common shares of the Company at a conversion price equal to the Company's volume weighted average price for a 40-trading day period from April 3, 2007. Participants in this transaction are precluded from trading shares of Ivernia during the 40-trading day period. The conversion rights will be applicable only to drawn amounts under the facility. The drawn amount during the month of April is currently expected to be approximately US$15 million. The conversion rights begin expiring nine months from the date of the facilities and must be exercised within 12 months from the date of the facilities. Syndication will allow Ivernia to increase the availability under the Senior Facility to US$35 million, and Sentient's participation in the Senior Facility may be reduced to US$6.3 million. If shareholder approval is not obtained, the facilities will bear an interest rate of 35% and will not be repayable for a two-year period.
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