BSX Approves Listing Of Loan Notes
The Bermuda Stock Exchange [BSX] listing committee today [Dec.2] announced the approval for up to 200 Unsecured Variable Rate Loan Notes of $500,000 each maturity date 30 September 2013 under the Exchange’s provisions for Restricted Marketing to Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Debt Securities.
It is estimated that the net proceeds of the issuance will be $100 million.
The Notes are to be issued on or around 31 December 2011 by African Minerals UK Limited [AMUK].
AMUK is a limited liability company incorporated under the laws of England and Wales. The company is a wholly owned subsidiary of African Minerals Limited, an exempted Bermuda firm.
The proceeds of the Note Program will be to finance costs and expenses associated with the Tonkolili iron ore project.
Harbour Financial Services Limited sponsored the listing of the Notes and has also been appointed ongoing listing sponsor.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome AMUK Limited’s Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Debt Securities are specifically designed to facilitate the listing of this type of Notes”.
Mr. McKirdy continued, “This is yet another issuance of Notes that have taken advantage of the Exchange’s Listing Regulations for Debt Securities and we are extremely pleased to be working with AMUK.
Simon Benedek of Harbour Financial Services Limited noted, “This is the second time this year that AMUK has listed Notes on the Exchange. We were able to take advantage of a streamlined listing procedure which enabled the listing to be completed efficiently. The co-operation and assistance of the BSX Officers made it a very smooth exercise.”
