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ASX Announcement
14 July 2015
Major shareholder converts $16.2 million notes into shares
Terramin Australia Limited (ASX: TZN) is pleased to announce that Terramin's largest shareholder, Asipac Group Pty Ltd (Asipac) has elected to convert $16,238,670.70 of convertibles notes (Notes) into shares. The Notes have been converted into 249,825,703 fully paid ordinary shares (Conversion Shares) under the terms of a Convertible Notes Deed Poll entered into on 7 October
2014.
In addition, the company has issued 2,706,551 shares (Interest Shares) in satisfaction of interest payable on the Notes as at the conversion date. The issue of the Conversion Shares and the Interest Shares was approved by Terramin shareholders at the Extraordinary General Meeting held on 17
September 2014. The Notes have been cancelled from the Company's note register.
Commenting on the conversion, Martin Janes, Terramin's Chief Executive Officer said: "We are very pleased that our major shareholder has elected to convert its notes into shares as it shows confidence in the future of Terramin and the progress it has made towards the development of its Tala Hamza Zinc Project. The conversion also marks the completion of significant restructuring of the Terramin balance sheet with total debt levels being reduced to $6.4 million compared to $35.0 million that existed just 12 months ago."
For further information, please contact:
Martin Janes
Chief Executive Officer
Terramin Australia Limited
+61 8 8213 1415 [email protected]
Level 3
70 Hindmarsh Square
Adelaide
SA
5000
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Terramin Australia Ltd
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PRODUCER |
CODE : TZN.AX |
ISIN : AU000000TZN3 |
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Terramin is a zinc and lead development stage company based in Australia. Terramin produces zinc, lead, copper, gold and silver in Australia, develops lead and zinc in Algeria, and holds various exploration projects in Australia. Its main asset in production is ANGAS in Australia, its main asset in development is OUED AMIZOUR (TALA HAMZA) in Algeria and its main exploration properties are MENNINNIE ZINC, BIRD-IN-HAND and TALA HAMZA in Australia. Terramin is listed in Australia and in Germany. Its market capitalisation is AU$ 45.5 millions as of today (US$ 32.9 millions, € 28.8 millions). Its stock quote reached its highest recent level on October 15, 2010 at AU$ 0.80, and its lowest recent point on April 26, 2013 at AU$ 0.01. Terramin has 1 821 139 968 shares outstanding. |