Convertible Bond

RNS Number : 8791I

Green Dragon Gas Ltd

05 June 2014

 



5 June 2014

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

US$50 million Convertible Bond issue at US$9.34 per ordinary share to GIC Private Limited

Green Dragon Gas Ltd. (AIM: GDG), one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce that it has issued a second tranche of the convertible bond facility first announced in December 2013. The second tranche of US$50 million has been fully subscribed by GIC Private Limited ("GIC"), a Government of Singapore sovereign wealth fund.

The convertible bond is unsecured, has a 7% coupon, a 36 month maturity, and is convertible into ordinary shares at a conversion price of US$9.34 per share. The Company has the right on the second anniversary of the issue date and onwards to call the convertible bond under certain conditions.

Jason Triplitt, Head of European Equities, GIC Asset Management, stated:

"This further investment made in Green Dragon continues our support to the Company and its continued progression."

Randeep S. Grewal, Founder and Chairman of Green Dragon Gas, commented:

"I am delighted to report that this convertible bond issue is once again to GIC. GIC's decision to make a further investment in Green Dragon, at a premium to market, is a further endorsement for the Company, its strategy and value and from an investor that knows China and the region extremely well. With title matters firmly behind us and with CNOOC, CUCBM, CNPC and Petrochina as well funded partners alongside us, we look forward to working with our partners to progress operations and fully realise the significant value of our assets, as demonstrated by the reserve report issued last month. Concurrently, our discussions on debt facilities to expand our drilling program continue."

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill, VP Corporate Finance Green Dragon Gas	[phone]
Dr Azhic Basirov / David Jones / Ben Jeynes Smith &Williamson - Nomad & Broker	[phone]
Steve Baldwin / Nicholas Harland Macquarie Capital (Europe) - Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]
James Henderson / Philip Dennis Bell Pottinger - Investor Relations	[phone]

 

END

 

 

MSCBRGDLIGGBGSS