Blumont takes 43% stake in uranium miner
BLUMONT Group now holds a 43.08 per cent stake in privately held uranium miner Azarga Resources after converting US$19.1 million worth of convertible notes.
The notes were converted into Azarga stock at 50 US cents per share. Azarga is not listed, so there is no open-market price available for the shares.
The notes were issued as part of a convertible facility provided by Blumont's wholly-owned subsidiary Powerlite Ventures to Azarga, under which Azarga could draw up to US$21 million in cash.
As part of the facility, Azarga will issue convertible notes to Powerlite upon drawing down the facility, with the notes to be eventually converted to Azarga shares at 50 US cents per share.
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