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Redbank Copper to Pay Out Debt
Tuesday November 10, 2009, 2:00 pm

Original Announcement: Redbank to pay out debt

Redbank Copper announced the Company will convert the secured debt held by its major shareholder, Stirling Resources, into equity. The Company reported that in February 2009 Stirling paid out the Macquarie Bank debt of $1.5m and assumed their security position over the Redbank assets. Following discussions Stirling has agreed to convert their debt into equity and release its security in order for Redbank to prepare to seek project funding to proceed with development of its high grade copper project in the NT. The Company will issue 91.68m shares at 1.7c to repay the loan.

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