SINGAPORE - Singapore-listed Malaysian gold mine operator Anchor Resources has restructured $3.31 million of 10 per cent guaranteed bonds due April 3, 2019, giving the company an extra one month to a year to repay the debt.
The April 2019 bonds are held by investor Tan Ong Huat. The maturity date for half of the April 2019 bonds have been extended to May 3, 2019, when the company will redeem them for $1.69 million, being the full $1.655 million principal plus accrued and unpaid interest.
The remaining half of the April 2019 bonds, which are worth $1.655 million in principal amount, will be exchanged for $1.903 million of new 10 per cent bonds due April 2020. The swap represents a 15 per cent increase in the principal amount, and there will be no cash proceeds for Anchor Resources as a result.
Beyond holding company bonds, Mr Tan also holds 68 million free warrants of Anchor Resources.
As has been with previous bond issuances by the company, Lim Chiau Woei, managing director of Anchor Resources, is acting as guarantor for the new deal.
Anchor Resources has also secured a one-month extension, to May 3, 2019, for the repayment of $375,000 due to two former bondholders, Tan Beng Kiat and Koh Kai Jok. However, Anchor Resources will have to repay $381,250 at the new deadline instead after including accrued interest. A related scheduled repayment of $16,875 to the two individuals due April 3 has been met, the company said.
Anchor Resources called for a trading halt before the start of the trading day on Thursday. Its shares closed down $0.001 at $0.017 on Wednesday.