Mozambique and Tazmania-focused resources firm Beacon Hill Resources (LON:BHR) said today that it has issued 100 million new shares to Africa Investment SUB3, an entity connected to Renaissance Partners Investment, following the full conversion at 12.5 pence per share of loan notes issued in November 2010.
The firm said that following the conversion, the enlarged issued share capital of the company will be 971,442,137 shares. It added that there are no other outstanding convertible loan notes issued by the company.
As a result of the conversion, Renaissance Partners Investment – through its subsidiaries and funds managed by it – now holds 35.6 per cent of Beacon’s share capital.
“I am pleased to note the continued support from our major shareholder Renaissance Partners, following the acquisition and conversion of this loan note,” said Justin Lewis, Beacon Hill’s chairman. “All outstanding loan notes issued by the company have now been exercised. Development of the company’s main project, the Minas Moatize coal mine, continues apace, with production continuing from our initial pit and the coal being processed at the recently commissioned washplant. The company now has in excess of 10,000 tonnes of coal stockpiled at Beira Port and anticipates making a maiden shipment of coal before the end of the year.”
Shares in the firm were down 3.5 per cent to 10.5 pence each by midday today.