New Talisman Gold Mines Ltd (NTL) has announced its Strategic Plan and proposed issue of Convertible Debt Security to fund the plan, with NZ$1 million already pledged from a substantial product holder and NTL seeking an additional NZ$2.5 million.
Terms of the Convertible Debt Security include an 18 month term, annual interest rate of 9.5%, conversion to ordinary shares at 15% discount to the preceding 20 day VWAP, unsecured ranking pari-passu with unsecured trade creditors, and repayment in cash on the 18 month anniversary of drawdown.
Strategic Plan includes recommencing underground activities at the mine, advancing Mystery Vein, opening a second face, and funding the Traffic Management Plan and Resource Consent application for Full Mining Consent.
Campbell MacPherson has been appointed as Corporate Advisor and will receive a retainer and 5% success fee for raising additional capital.
The Board looks forward to bringing the mine into production.See more