The Board of Myanmar Metals Limited (“MYL” or “The Company”) (ASX: MYL) is pleased to advise that Mark Creasy’s Yandal Investments (‘Yandal’) has converted loans and interest with a combined value of $2,745,000 into Myanmar Metals fully paid ordinary shares.
A total of 82,505,328 shares were issued to Yandal giving them a total shareholding of 87,505,328 shares being approximately 16% of the adjusted capital of 548,499,057 shares.
MYL’s CEO and Executive Chairman, Mr John Lamb, said:
“The conversion of these loans into shares is a clear demonstration of Mark Creasy’s belief in the Bawdwin Project and the value that it holds. We are delighted with this outcome and look forward to rewarding Mark’s commitment, and that of all shareholders, by developing Bawdwin into a world class, safe and modern mine.”
The Company is now free of all debts and has the most well-regarded mining investor at Number 1 on its register.
Shareholder approval for the conversions was obtained at the General Meeting held on 18 August 2017 and the Annual General Meeting held on 23 October 2017.
An Appendix 3B will follow.