Nevada Sunrise Gold Corporation announces that, further to the convertible loan agreement (the “Loan Agreement”) in the amount of USD$500,000 (the “Loan”) announced March 23, 2010, the Company has executed an amendment (the “Amendment”) to the Loan Agreement. Under the terms of the Amendment, the amount of USD$400,000 will be owed by the Company following repayment of USD$100,000 towards the principal and USD$50,000 as payment of all interest in full in respect of the Loan. The term of the Loan has been extended by 12 months to a total of 24 months, expiring March 25, 2012. The Loan may be pre-paid in advance by the Company without penalty. Upon prior notice to the Company, the Loan is convertible into units of the Company at a deemed price of $0.07 per unit, each unit consisting of one share and one-half of a warrant, each whole warrant entitling the holder to acquire an additional common share at $0.12, exercisable until March 25, 2012. The Loan will continue to bear simple interest of 10%, payable upon the earlier of maturity or conversion.Gold mining Equipment South Africa
Serabi Mining plc is pleased to announce that the Company has completed its Canadian initial public offering of 9,000,000 units (the “Units”) at a price of C$0.55 per Unit (the “Offering Price”) for gross proceeds to the Company of C$4.95 million (the “Offering”). Each Unit is comprised of one ordinary share (an “Ordinary Share”) and one-half of one ordinary share purchase warrant of the Company (each whole ordinary purchase warrant, a “Warrant”), with each Warrant being exercisable to acquire one Ordinary Share at an exercise price of C$0.75 until 2 December 2012. The Company’s Ordinary Shares and Warrants have begun trading on 30 March 2011 on the Toronto Stock Exchange (the “TSX”) under the symbol SBI and SBI.WT, respectively. The Offering was led by Fraser Mackenzie Limited as agent to Serabi. The Ordinary Shares of the Company will continue to be admitted to trading on AIM.
The completion of the Offering and the listing of the Ordinary Shares and Warrants on the TSX has also resulted in the automatic exercise of 10,070,000 previously issued special warrants of the Company (the “Special Warrants”). As a result of this automatic exercise, the Company has issued a further 10,070,000 Ordinary Shares and 5,035,000 Warrants to holders of the Special Warrants.Portable Concrete Plants
The proposed new appointments to the Board, announced on 24 March 2011, have also today taken effect and the Directors are pleased to welcome Sean Harvey, Doug Jones and Mel Williams as non-executive directors of the Company. Sean Harvey has also agreed to become Chairman of the Company. Graham Roberts will continue as a non-executive director of the Company.
In aggregate 19,070,000 new Ordinary Shares have been issued pursuant to the Offering and the exercise of the Special Warrants and there are now 63,968,529 Ordinary Shares in issue. The new Ordinary Shares will rank pari passu in all respects with the existing Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of their issue. Application will be made for the 19,070,000 new Ordinary Shares issued pursuant to the Offering and the exercise of the Special Warrants to be admitted to trading on AIM, which is expected to occur on 5 April 2011.
In aggregate 9,535,000 Warrants have been issued pursuant to the Offering and the exercise of the Special Warrants. No application is being made for the Warrants to be admitted to trading on AIM.Stone Crushing Plant