TIDMPGL

RNS Number : 2771W

Peninsular Gold Limited

23 December 2013

PENINSULAR GOLD LIMITED

CONVERTIBLE REDEEMABLE UNSECURED LOAN NOTES

The Company is pleased to announce that it has raised GBP1,200,000 (before expenses) by way of the issue of 1,200,000 convertible redeemable unsecured loan notes ("Loan Notes") pursuant to a Convertible Loan Note Instrument dated 23 December 2013 ("Loan Note Instrument").

The funds from the Loan Notes will be used to meet the general working capital requirements of the Company and its subsidiaries.

The principal terms of the Loan Notes are as follows:

(a) Interest is payable upon the Loan Notes at the rate of 6% per annum payable on maturity which would be GBP72,000. If the Loan Notes are converted then no interest is payable.

(b) The Loan Notes are repayable in one bullet repayment one year from the date of the Loan Note Instrument unless the Company elects to redeem the Loan Notes earlier;

(c) A noteholder has the right at any time to convert the principal amount of its Loan Notes into new ordinary shares of no par value in the capital of the Company ("Ordinary Shares"). The number of Ordinary Shares to be issued on conversion shall equal the number of Loan Notes to be converted divided by a conversion factor of 0.12. The right to convert is conditional upon a noteholder making an additional payment to the Company on conversion of 3 pence for each Ordinary Share to be issued on conversion. The maximum number of Ordinary Shares which would be issued on full conversion is 10,000,000 representing approximately 11.6% of the Company's current issued share capital and approximately 10.4% of the enlarged share capital. Full conversion would result in an additional total payment to the Company of GBP300,000.

(d) Upon redemption of the Loan Notes by the Company, either at maturity or earlier, a Noteholder is entitled to receive from the Company an additional payment equal to the number of Convertible Notes to be redeemed by the relevant Noteholder divided by 0.12 and multiplied by 3 pence. If all Convertible Notes are redeemed and not converted this would result in an additional payment of GBP300,000

   (e)        The Loan Notes are non transferable without the prior written consent of the Company.

Further information:

 
 Dato' Sri Andrew TY Kam          Patrick Watson 
  Chairman and Chief Executive     Finance Director 
  Peninsular Gold Limited          Peninsular Gold Ltd. 
  Tel: +60 (0)3 2698 8381          Tel: +44 (0)7799 885653 
-------------------------------  --------------------------- 
 Samantha Harrison / Jen Boorer   Colin Rowbury 
  Nominated Advisor                Broker 
  RFC Ambrian Limited              Daniel Stewart & Co. Ltd. 
  Tel: +44 (0)20 3440 6800         Tel: +44 (0)20 7776 6936 
-------------------------------  ---------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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