|By Marketwired .||
|June 26, 2014 11:04 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/27/14 -- The Pacific Road Resources Funds ("PRRF") announce that PRRF has exchanged the non-interest bearing convertible notes ("Notes") issued by First Bauxite Corporation (the "Company") in the aggregate principal amount of $8,000,000, which were due to mature on June 26, 2014 and July 23, 2014, for promissory notes having the full principal amount plus an amount for certain fees and expenses, and a maturity date of January 19, 2016 (the "Replacement Notes"). The Replacement Notes will bear interest at an annual rate of 10% (compounded monthly and payable on maturity). As a result of the exchange, PRRF will no longer have the right to convert the Notes into common shares of the Company.
After giving effect to the exchange, assuming full exercise of the 5,660,376 common share purchase warrants previously held by PRRF, PRRF would hold 18,788,360 common shares of the Company, representing approximately 15.25% of the then outstanding common shares of the Company.
In addition, PRRF holds an option to purchase additional Notes from the Company in the aggregate principal amount of US$20 million (the "Second Tranche Notes") which will be convertible into common shares of the Company based on the formula as described in the joint press release issued on June 4, 2009. As the number of common shares issuable to PRRF is contingent, in part, upon future values and share prices, the number of shares that PRRF could acquire should it purchase the Second Tranche Notes and exercise its conversion rights in full cannot be determined at this time. However, based on the current minimum conversion price, PRRF would acquire a minimum of 17,269,355 additional shares (assuming a conversion price of CDN$1.24 and an exchange rate of US$1.00 equals CDN$1.0707). Assuming full exercise or conversion of all securities held by PRRF on this basis and that no other convertible securities of the Company were converted or exchanged, PRRF would hold approximately 36,057,715 common shares of the Company, representing approximately 26% of the then outstanding common shares of the Company.
PRRF purchased the securities for investment purposes and may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors.
A copy of the early warning report filed in connection with the investment is available on the Company's profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The PRCM team, located in Sydney, Australia, San Francisco, USA, and Vancouver, Canada, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.au.
The Pacific Road Resources Funds
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