Australian uranium company Cauldron Energy Limited, advises that further to its announcements on 26 July 2012 and 30 July 2012 all holders of the $11.3 million Convertible Notes in the Company have elected to convert their Convertible Notes into shares in the Company. The Convertible Notes were converted into shares at a deemed issue price of $0.20 per share, which represents a 81% premium to the last closing price of $0.11 per share on 26 July 2012 Commenting on the conversion of all Convertible Notes in the Company, Executive Chairman, Mr Tony Sage, said, “We are extremely pleased that one hundred per cent of Convertible Note holders chose to convert their notes to shares in the Company”. “This conversion rate, together with the fact the conversion occurred at such a premium to market, in our view is a significant show of support by shareholders in the quality of the Company’s assets and our plans to develop them. “With our financial future now secure we will plan to immediately progress the exploration activities at these assets.” Attached is an Appendix 3B for the issue of 58,829,452 fully paid ordinary shares following the receipt of conversion notices in respect of convertible notes totalling $11.3million plus interest.

To subscribe to Engineering News's print magazine email subscriptions@creamermedia.co.za or buy now.