Houston, Tex.-based Battle Mountain Gold (NYSE) has offered two million shares of convertible preferred stock at US$50 per share to raise US$100 million.
The preferred stock will pay an annual dividend of $3.25 per share and will be convertible at any time by the holder into common shares of Battle Mountain. The conversion rate is 4.762 common shares for each preferred share, equal to a conversion price of $10.50 per share.
The preferred stock is redeemable by the company into common shares beginning May 15, 1996.
Some of the proceeds will be used to pay bank debt.
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