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NSL Consolidated debt free after US$2.5M notes converted to equity

NSL Consolidated Ltd. said Dec. 30 that it has no outstanding debt after Resources First agreed to convert the US$2.5 million principal amount of notes into fully paid ordinary shares of the company.

The company will issue 90,672,814 shares at 3.8 U.S. cents each and pay A$500,000 in cash. After the elimination of all outstanding debt, the company retains US$2.5 million in cash.

The notes were issued in September 2012 with a three-year term and a 6% annual coupon. The term was extended for another year later.

Earlier in December, the ASX-listed company secured exclusive rights over a mining lease, designated AP3, 10 kilometers from its Kurnool wet beneficiation plant and stockyard in Andhra Pradesh, India.