Holders of special warrants issued by Australian-based Golden Shamrock Mines (TSE) will be issued 7.5% convertible debentures. The offering has a total face value of US$25 million.
Golden Shamrock will receive US$23.3 million from the issue, which it will apply to expansion and equipment purchases for its gold mine at Iduapriem in Ghana, as well as exploration and development costs at its Siguiri gold project in Guinea. The remainder will be used to retire debts incurred in its purchase of the CSA copper mine at Cobar, New South Wales, the third-largest producer of the red metal in Australia.
The Toronto Stock Exchange has approved Golden Shamrock’s listing of its common shares and 7.5% debentures.
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