Blumont

Blumont: Secured US$200m funding from Platinum Partners via a subscription in its redeemable convertible bonds, which will primarily be used to fund the investment in Discovery Metals Limited. The 8% p.a. coupons will be by way of issue of new shares at $0.40 apiece, and a conversion price of $0.40/share or 90% of the lowest 3-day VWAP within 10 market days prior, subjected to a minimum conversion price of $0.20. Separately, the flurry of key executives/ substantial stakeholding disclosures continue on amid the SGX/ trio saga as the banks carry out force-selling of shares due to the recall of loans.