News blog
Van Dieman Mines
- BY: Andrew Hore |
- POSTED: 24/02/2009 |
Galena Special Situations Master Fund has asked Van Dieman Mines to repay its £6.75m loan note instrument.
This prompted the suspension of shares in Van Dieman at 0.875p each, which values the tin miner at £1.35m.
Van Dieman is in negotiations with Galena about whether the company’s operations are viable.
Galena has fixed and floating charges over nearly all of the group’s assets. Shareholders approved the conversion of the facility into convertible loan notes at a meeting on 8 December.
These loan notes are convertible at 2.5p a share until 19 November 2013 – that is the repayment date. Every £1,000 of loan notes come with 40,000 warrants exercisable at 2.5p a share. That is significantly above the current share price.
There has been no news about how production is going at the Scotia tin mine. Production was supposed to commence in December.
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