EMED Mining Creditors Agreed to Accept 147M Shares to Settle $8.5M Loan, Shares Dip
EMED Mining plc (EMD.TO) gave back a small gain earlier today and is now trading down a penny at 12 cents a share after saying creditors owed $8.5 million in principal and interest under a March 2009 convertible loan agreemeent will accept just under 147 million in new shares valued at 4.13 pence, or C6.53 cents, per share.
The creditors -- Resource Capital Fund IV L.P and RMB Australia Holdings Ltd -- will now own about 19% and 6%, respectively, of EMED Mining once the transactions are completed.
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