North River Resources† saw all resolutions passed on its share capital reorganisation, open offer and placing and share consolidation at its GM. This was in response to an announcement made on 28 June 2016 that the company had raised US$5.6m through the issue of new secured, conditionally convertible loan notes to its major shareholder Greenstone Resources LP. Alongside this, the company announced that it would issue new shares through an open offer and placing to enable it to redeem the loan notes in full. As anticipated given the share price falling below the offer price, take-up under the open offer was minimal.
Greenstone has now been able to convert its loan notes under a ‘whitewash resolution’. Following the conversion and share consolidation, Greenstone now holds 75.69% of the newly-issued share capital (26,392,596 shares) that started trading this morning.
In the news: North River Resources
Published: 11:12 19 Jul 2016 BST