WSA 0.39% $2.57 western areas limited

raises 225m

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    Western Areas raises $225m through convertible bonds
    29-June-07 by Edited announcement

    West Perth-based nickel company Western Areas Ltd has completed the issue of $225 million worth of convertible bonds, with funds to be applied to a feasibility study at its Diggers South project.

    The full text of a company announcement is pasted below

    Further to the announcement dated 19 June 2007, Western Areas NL is pleased to announce the completion of its issue of A$225M of 8.00 per cent convertible bonds due 2 July 2012. The offering was made on a private placement basis to institutional, professional and sophisticated investors outside the United States to non-U.S. persons in accordance with Regulation S under the U.S. Securities Act of 1933, as amended, and to accredited investors in Canada.

    Macquarie Equity Capital Markets Limited and UBS AG, Australia Branch acted as Joint Lead Managers and Bookrunners.

    Proceeds from the offering will be used to further advance Western Areas objective of becoming a major nickel producer in Australia and Canada. Specifically, proceeds will be applied to the following:


    Funding the feasibility study at Diggers South where mineral resources were upgraded in late March 2007 to 80,300 contained nickel tonnes;
    Continuing the scoping study for potential mine development at the New Morning / Daybreak deposit where mineral resources were upgraded in April 2007 to 30,700 contained nickel tonnes;
    Accelerating exploration at Western Areas highly prospective tenements along the 90km Forrestania nickel project;
    Accelerating exploration at Western Areas Canadian projects;
    Potential construction of a concentrate plant at Cosmic Boy that could be operational during 2008;
    Potential restructuring Western Areas remaining hedging commitments (2,100 nickel tonnes); and
    Funding possible nickel project and corporate opportunities.

    http://www.wabusinessnews.com.au/en-story.php?/1/54295/Western-Areas-raises-225m-through-convertible-bonds/dba
 
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