Prairie Mining Limited
(ASX:PDZ) has finalised the terms of its additional funding from investor CD Capital (CD Capital Natural Resources Fund III LP), subject to shareholder approval.
The mining company says the investment will be a private placement of non-redeemable, non-interest bearing convertible loan notes, for an aggregate principal amount of US$2 million.
Prairie Mining says the notes may be exchanged into ordinary shares at AUD$0.46 per share, matching the price of the share placement to UK institutional investors completed in April 2017.
The company says CD Capital’s investment, combined with net proceeds from the Institutional Placement, allows it to accelerate development of its coals projects, and advance pre-construction mining engineering works.
Shares in Prairie Mining Limited
(ASX:PDZ) are trading 0.93 per cent higher to 54 cents.
