CuDeco Ltd. entered into two convertible loan agreements totaling US$15 million to repay the remaining US$15 million of a loan from China Minsheng Banking Corp. Ltd., which is due Dec. 31.
The company said Dec. 14 that it secured US$5 million from Valuestone Global Resource Fund subsidiary Gemstone 101 Ltd. and US$10 million from GuoYi Holdings (Hong Kong) Ltd. subsidiary GuoYi Holdings (BVI) Ltd.
The 24-month loans have a 6.0% interest rate and may be repaid through the issue of convertible notes with a face value of 50 cents each.
Gemstone and GuoYi Holdings will also receive 200,000 free options each, exercisable at 80 cents apiece for 24 months.
CuDeco also signed an agreement with Gemstone in early April for a A$22 million convertible note facility.
