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Eastern Goldfields receives A$30M in commitments for notes, entitlement offer

Eastern Goldfields Ltd. received binding commitments for A$30 million for its offer of convertible notes of A$22.4 million and 1-for-1 nonrenounceable entitlement offer of A$7.6 million.

The capital raising was a condition for a previously announced recapitalization transaction under an agreement with creditors to settle the company's debt through a cash repayment or the issue of new equity.

The company said May 22 that incoming directors committed to underwrite A$450,000 of the shortfall offer, which will remain open while it reserves the right to accept further commitments under the capital raising.

Additionally, Eastern Goldfields is to be renamed Ora Banda Mining Ltd. instead of Eris Gold Ltd., which was proposed earlier.

The expected settlement date for the capital raising is May 27, while requotation of the company is scheduled for June 7.