SYDNEY (Yosefardi) – Sumatra Copper & Gold Limited has received conversion notices under the terms of the convertible loan facility agreement dated 4 December 2013 from each of Provident Minerals Pte Ltd and PT Saratoga Investama Sedaya Tbk requesting a conversion of the full capitalized value of the facility, including interest and the facility fee, into CHESS depository interests (CDIs) in the Company.
Provident and Saratoga will be issued a total 163,833,929 new CDIs. The conversion price used, under the terms of the facility, is A$0.046 per CDI. The current principal outstanding under the facility at the conversion date is US$6.1 million.
The Company also announced that negotiations with Nomura Singapore Limited in regards to the arrangement of a proposed funding package for a subsidiary of the Company to develop the Tembang Gold-Silver project are progressing as expected.