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LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB



TSX:LSG.DB - Post by User

Post by HARJAYon Aug 16, 2012 4:14pm
482 Views
Post# 20226573

Debt Financing

Debt Financing

Mr. Tony Makuch reports

LAKE SHORE GOLD CORP. ANNOUNCES C$75 MILLION CONVERTIBLE SENIOR UNSECURED DEBENTURES BOUGHT DEAL

Lake Shore Gold Corp. has arranged a public offering, on a bought-deal basis, of $75-million principal amount of convertible, senior, unsecured debentures, at a price of $1,000 per debenture, with an interest rate of 6.25 per cent per annum, payable semi-annually on the last day of March and September, commencing on March 31, 2013. The debentures will mature on Sept. 30, 2017.

The offering is being made through a syndicate of underwriters led by BMO Capital Markets.

The company has also granted the underwriters the option to purchase up to $11.25-million principal amount of additional debentures at a price of $1,000 per debenture to cover overallotments, exercisable in whole or in part any time up to 30 days following closing of the offering.

The debentures will be convertible at the holder's option into common shares of the company at a conversion price of $1.40 per common share. The debentures will not be redeemable prior to Sept. 30, 2015. On and after Sept. 30, 2015, and prior to maturity, the debentures may be redeemed in whole or in part from time to time at the company's option, at a price equal to their principal amount plus accrued and unpaid interest, provided that the volume weighted average trading price of the common shares on the Toronto Stock Exchange for the 20 consecutive trading days preceding the date on which the notice of redemption is given is not less than 130 per cent of the conversion price.

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