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Aurelia Metals Ltd. Conversion of the A$50,000,000 Facility B Converting Notes Held by Glencore

07.07.2015  |  ABN Newswire
Sydney, Australia (ABN Newswire) - Aurelia Metals Ltd. (ASX:AMI) announces that is has deposited a conversion notice with Glencore Group Funding Limited (Glencore) in respect of its A$50,000,000 Facility B Converting Notes.

Under the financing documentation with Glencore, Aurelia may at its election, subject to certain conditions, deposit a conversion notice with Glencore requiring the conversion of the Facility B Notes into fully paid ordinary shares in the Aurelia. The Conversion Date specified in the notice is 31 July 2015.

The number of shares in Aurelia that may be issued to Glencore on conversion is calculated by dividing the amount of the facility (A$50,000,000), plus capitalised interest, and accrued but uncapitalised interest, by the conversion price. The conversion price under the facility has been calculated as A$0.2424 per Share. The exact number of shares issuable to Glencore is conditional upon the calculation of accrued interest which is not yet known as the interest rate for the relevant interest period has not yet passed. Once determined, the number of shares that are to be issued to Glencore on conversion will be notified to the market.

The conversion of the Facility B Converting Note is conditional upon certain matters, namely the approval of the Foreign Investment Review Board, and no Event of Default can be continuing and nor can the Security Trustee under the facility have commenced enforcement proceedings. As announced on ASX on 1 July 2015, Glencore has issued a notice alleging an Event of Default under the finance documentation. If an Event of Default were to exist and continue, conversion of the Facility B Converting Notes could not occur. Aurelia has rejected Glencore's notice alleging an Event of Default.

Once a conversion notice is given, other than circumstances where an event of default occurs before conversion, a conversion notice cannot be withdrawn without the written consent of the Security Trustee.<

The conversion notice deposited today with Glencore only relates to its A$50,000,000 Facility B Converting Notes. It also has on issue A$20,000,000 Facility A Converting Notes which are convertible at Aurelia's election, subject to the same conditions noted above, at a fixed conversion price. The fixed conversion price for the Facility A Notes, as adjusted under the finance documentation, is A$0.2563 per Share.


About Aurelia Metals Ltd:

Aurelia Metals Ltd. (ASX:AMI) is focused on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.

Aurelia is actively drilling the evolving copper deposit at Nymagee with the potential that the Nymagee mineralisation may evolve into another 'Cobar Giant' similar to the world class CSA copper deposit located approximately 100km north-west along strike.

Aurelia also remains active in the exploration for copper, gold and tin on a number of tenements in the Lachlan Fold Belt of NSW.



Contact:

Aurelia Metals Ltd.
T: +61-2-6363-5200
F: +61-2-6361-4711
E: office@aureliametals.com
www.aureliametals.com
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