Sundance Resources has signed agreements to raise A$40 million through issue of convertible notes and options.Sundance Resources, the ASX-listed company, has issued the convertible notes and options to Noble Resources International and an investor consortium made up of investment vehicles managed by Blackstone Alternative Solution, the D. E. Shaw Group and Senrigan Capital. This will ensure Sundance has sufficient funds to meet its anticipated working capital requirements as it progresses the Mbalam-Nabeba Iron Ore project in the Republics of Cameroon and Congo. Sundance CEO and Managing Director Giulio Casello said these agreements were an excellent outcome which ensured Sundance would have the funding needed to progress the development strategy for the project.
“These funding arrangements will not only secure Sundance’s financial position but also demonstrate the ongoing support our company and the project continues to receive from strategic parties and global institutional investors,” Casello said.“We are delighted by the support shown from existing Sundance shareholder Senrigan and we welcome the involvement of the Noble Resources, Blackstone and the D. E. Shaw Group. “Noble is a leading global trader of resource commodities and Blackstone and the D. E. Shaw Group are well-known, sophisticated investors in the resources sector. They are funding Sundance because they believe in the upside potential that our company offers as we push forward in developing this world-class iron ore project.”