Apr 21 2009
Investec Bank can breathe out: The LSE-listed gold mining company Central African Gold (CAG) found the capital it needed to service its debt with the bank.
The proposed plan to raise about $8 million by placing new shares was approved at an extraordinary meeting of shareholders yesterday. Read the full report here.
Before the placement of new shares, Investec Asset Management held 13.5% in CAG and Investec had an outstanding loan capped at $5 million.
Now only Orsu has Investec by the short & curlies. At the time of writing, Investec and Orsu still haven’t found a way out of the debt repayment impasse.