18th Jan 2019 10:28
LONDON (Alliance News) - Shanta Gold Ltd on Friday said its subsidiary, Rukwa Ltd, has repurchased USD276,250 in loan notes.
The East Africa-focused miner said Rukwa acquired 325,000 outstanding unsecured subordinated convertible loan notes due April from investment firm El Oro Ltd.
Shanta shares were trading 1.9% lower on Friday at 5.41 pence each.
The company explained that the transaction value implies an 18% discount to value of the convertible loan notes, based on their value and interest accrued to-date.
Following this transaction, the value of the remaining outstanding convertible loan notes not held by Shanta is USD14.7 million.
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