Third largest shareholder issues convertible notes to support critical path work at salt project
The notes have an initial conversion price of 43c, in line with the 2021 share issue price, and at a 62% premium to BCI's closing price this week, with a conversion floor of A18c. BCI needs the cash injection given cost escalation at the A$1.63 billion project and is hopeful of filling its funding gap with additional equity funding requirements before the end of the year.
Keeping on schedule Stokes's Wroxby and second largest shareholder Australian Super have previously pumped in additional funds to keep Mardie on schedule. The development is about 25% complete, and managing director David Boshoff said BCI was confident that the project was "fast approaching the point of being fully funded".
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