BNC places 10% to creditors

BNC places 10% to creditors
Published: 20 September 2013
Bindura Nickel Corporation shareholders have approved the conversion of some of the mining group's liabilities into equity in a move that will see the company placing shares translating to a 10% stake with selected creditors, a top company official said.

Shareholders at an annual general meeting in the capital yesterday agreed that 100 million ordinary shares of the company be converted to equity at a subscription price of 0.03 cents per share in lieu of amounts owed to creditors.

The company currently has 1.2 billion shares on offer. BNC chairperson Kalaa Mpinga told shareholders at the meeting the move would give the company flexibility in dealing with it.
- newsday
Tags: BNC, KalaaMpinga,


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