DENVER, Jan. 11, 2012 /CNW/ - Resource Capital Fund IV L.P. ("RCF IV") reports that further to the press releases of EMED Mining Public
Limited ("EMED") dated December 28, 2011 and January 9, 2012, it has elected to
convert (the "Loan Conversion") the amount owed to it by EMED under the secured convertible loan
agreement dated March 4, 2009 (the "Loan Agreement") into ordinary shares in the capital of EMED (the "Ordinary Shares") at 4.13 pence per Ordinary Share. Accordingly, the outstanding
principal amount payable pursuant to the Loan Conversion will be
satisfied by the issue of 111,267,170 Ordinary Shares by EMED to RCF
In addition, RCF IV has elected to convert (the "Interest Conversion", and, together with the Loan Conversion, the "Transaction") the final quarterly interest payment for the period ended December
31, 2011 pursuant to the Loan Agreement into Ordinary Shares at 7.34
pence per Ordinary Share. Accordingly, the final quarterly interest
payment payable by EMED to RCF IV pursuant to the Interest Conversion
will be satisfied by the issue of 1,174,628 Ordinary Shares by EMED to RCF IV.
Pursuant to the Transaction, RCF IV will acquire 112,441,798 Ordinary
Shares of EMED representing approximately 13.11% of EMED's outstanding
As a result of the Transaction, RCF IV will own 167,022,016 Ordinary
Shares, representing approximately 19.47% of the issued share capital
of EMED and 17.66% on a fully diluted basis.
The Ordinary Shares were acquired for investment purposes. RCF IV will
evaluate its investment in EMED from time to time and may, based on
such evaluation of market conditions and other circumstances, increase
or decrease shareholdings in EMED as circumstances require.
For further information and to obtain a copy of the early warning report
filed under applicable Canadian securities laws in connection with the
transactions hereunder, please see EMED's profile on the SEDAR website www.sedar.com.
SOURCE Resource Capital Fund IV L.P.
For further information:
Resource Capital Fund IV L.P.
1400 Sixteenth Street, Suite 200,
Denver, CO, 80202,
Telephone: (720) 946-1444