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Sumatra Copper & Gold redeems US$8.3M of notes, completes US$7.5M equity raise

Sumatra Copper & Gold Plc issued 883,249,826 CHESS depositary interests at 1.23 Australian cents apiece to redeem outstanding convertible notes plus interest totaling US$8.3 million.

The company said Dec. 5 that it also issued 804,317,829 CHESS depositary interests at the same price to raise US$7.5 million as required under a previous equity raising transaction, after recently securing an extension to Dec. 5, from Nov. 30, to complete the remaining US$7.5 million offering under a deal with major shareholders and lenders.

Sumatra Copper & Gold will use US$4.7 million to pay senior lenders, US$2.0 million for subordinated debt and US$800,000 to replace the debt service reserve account for interest to Dec. 31.

The company's main asset is the Tembang gold-silver mine in Indonesia.