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New NOBLE announcement

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TinkerBelle   Thursday, 10/25/12 10:41:02 AM
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New NOBLE announcement


Also from Resolute:

Resolute Mining plays knight to Noble Mineral Resources
Thursday, October 25, 2012 by Bevis Yeo
Resolute Mining plays knight to Noble Mineral Resources

Resolute Mining (ASX: RSG) has offered Noble Mineral Resources (ASX: NMG) an alternative A$85 million financing offer along with an acquisition of 19.99% of Noble's shares.

The offer is conditional on Noble rejecting the proposed investment from Chinese private investment group Zhongrun, which had offered to subscribe for A$84.7 million worth of new ordinary shares in Noble, making the fund Noble’s largest shareholder with 41.5%.

Resolute has executed Share Sale Agreements with certain Noble shareholders to acquire 19.99% of Noble shares in exchange for Resolute shares.

It will also fully underwrite a A$78.7 million Entitlement Issue of convertible notes to Noble
Shareholders and subscribe for A$6.3 million in convertible notes on the same terms.

Resolute will also provide an immediate US$20 million guarantee to enable Noble to borrow additional funds to meet its short-term funding needs.

The proposed notes will mature in three years and carry an 8% per annum coupon, paid semi-annually. These can be converted into Noble shares at A$0.12 each.

Resolute said its offer ensures that Noble will have access to the short-term funds it needs in a timely fashion while its underwriting of the A$85 million notes provides a high degree of visibility to Noble shareholders on receipt of these funds.

It added that if all existing Noble shareholders take up their entitlements and all convertible notes are subsequently converted, Resolute would hold 23.1% of the enlarged capital of the company, with existing Noble shareholders holding the remaining 76.9%.

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