[miningmx.com] — Junior gold producer Simmer & Jack Mines on Friday said it was investigating alternative solutions to the proposed rights offer.
Simmers said in April that it intended to proceed with a rights offer of R360m secured convertible redeemable bonds in Simmers.
Among the alternative solutions being considered by the company is the listing and sale of part of the R463.9m secured convertible bonds issued by Mine Waste
Solutions (Rand FIU Notes) purchased as part of the First Uranium Corporation
recapitalisation programme.
“The listing and potential sale of a portion of the Rand FIU Notes is being
considered solely for the purpose of raising capital and to limit dilution of
Simmers shareholders,” said Simmers.
