Examples of Minimum Subscription in a sentence
If the Minimum Subscription is not raised and the period of the Standstill expires, Greenstone (and subsequently Red 5) may fail to fulfil its repayment obligation or continue to not meet its required financial ratio obligations, then the Senior Lender may place Greenstone (and subsequently Red 5) in default under the Prepaid Swap Facility and have the right to take control of the Siana gold project and related assets held by Greenstone.
For the purposes of this table, we have assumed completion of the Capital Raising at the Minimum Subscription, and thereby incorporated the issue of 60,000,000 Shares under the Capital Raising into the total number of Shares that will be on issue post-Completion.
The Company intends to use the net proceeds from the Rights Shares (assuming the Minimum Subscription Scenario if there is Earlier Repayment) in the following proportion: Use of ProceedsAmount (S$’ million)Percentage AllocationTo carry out the first phase of the Land Development In the event that the Earlier Repayment does not materialise, the amounts earmarked in the above scenarios for the partial repayment of the Term Loans will be applied towards the first phase of the Land Development.
Assumes Minimum Subscription of $12.0 million and fully diluted shares on issue of 214,457,767.
Upon the Prepaid Swap Facility being satisfied in full, any previous default under the Facility Agreement is deemed cured.Refer to Section 3.4 for further details on the use of funds raised under the Entitlements Offer.Shareholders should be aware that if the Minimum Subscription is not raised under the Entitlements Offer, Greenstone does not currently have the cash reserves available to repay the Prepaid Swap Facility and the Senior Lender may seek to enforce its rights.