Metal Storm Limited -- Convertible Notes
19 Mai 2008 - 9:05AM
Marketwired
BRISBANE, AUSTRALIA (NASDAQ: MTSX) (POMSoX code: MSTG).
Metal Storm Limited today announced that it is giving
consideration to:
1. extending the maturity date of its listed convertible notes
(ASX: MSTG) (POMSoX code: MSTG) ("Existing Notes") from
1 September 2009 to a later date.
The length of the proposed extension of the maturity date of the
Existing Notes has not yet been finalised; and
2. raising approximately A$6 million by the offer of new convertible
notes ("New Notes"), expected to be by a combination of:
(i) rights issue to Existing Note holders, to be fully underwritten by
Harmony Investment Fund Limited ("Harmony") or its associates or
nominees; and
(ii) placement of New Notes to Harmony or its associates or nominees.
Neither the terms of the New Notes, nor the breakdown between the
rights issue and placement have been finalised.
If New Notes are offered, a prospectus will be made available to
eligible applicants. Eligible applicants who want to acquire the New
Notes will need to complete the application form that will be in or
will accompany the prospectus.
The proposal will require various consents and approvals,
including Existing Note holder approval and, potentially,
shareholder approval. Aspects of the proposal may also be subject
to other conditions, including the sale by Harmony of some of its
Existing Notes.
Metal Storm is currently negotiating a Heads of Agreement with
Harmony in relation to the terms of, and the steps for
implementing, the proposal. The discussions are continuing, but the
terms have not yet been agreed. It may not be possible for the
parties to reach agreement on suitable terms and conditions, or the
structure of any final proposal may differ materially from the
terms described. Metal Storm intends to progress negotiation of the
Heads of Agreement as quickly as possible and will keep the market
informed of substantive developments. In general terms, it is
intended that funds raised by the proposed issue of New Notes would
be used to pay:
-- additional interest on the Existing Notes for the extended period;
-- interest on the New Notes; and
-- working capital.
If the proposal proceeds, further details of the intended use of
funds will be provided.
Notes:
Metal Storm's Australian Stock Exchange trading code: MST
Metal Storm's NASDAQ Small Cap ticker symbol: MTSX
About Metal Storm
Metal Storm Limited is a multi-national defence technology
company engaged in the development of electronically initiated
ballistics systems using its unique "stacked projectile"
technology. The company is headquartered in Brisbane, Australia and
incorporated in Australia. Metal Storm Limited technology and
products are represented in the USA by Metal Storm Inc., which has
offices in Arlington, Virginia.
Metal Storm is working with government agencies and departments,
as well as industry, to develop a variety of systems utilising the
Metal Storm non-mechanical, electronically fired stacked ammunition
system.
Metal Storm's weapon technology uses computer-controlled
electronic ignition and a system of stacked projectiles, to achieve
a completely non-mechanical gun that is very lightweight and
compact, providing a very high firepower to weight ratio. The Metal
Storm weapons system utilizes multiple barrels mounted together on
one platform which allows varying munitions types to be deployed in
a single, low cost, lightweight weapon system. Firing the weapons
by electronic ignition requires no moving parts, allowing reliable
long term unattended weapon operation.
Safe Harbour
Certain statements made herein that use the words "estimate,"
"project," "intend," "expect," "believe" and similar expressions
are intended to identify forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks
and uncertainties which could cause the actual results, performance
or achievements of the company to be materially different from
those which may be expressed or implied by such statements,
including, among others, risks or uncertainties associated with the
development of the company's technology, the ability of the company
to meet its financial requirements, the ability of the company to
protect its proprietary technology, potential limitations on the
company's technology, the market for the company's products,
government regulation in Australia and the US, changes in tax and
other laws, changes in competition and the loss of key personnel.
For additional information regarding these and other risks and
uncertainties associated with the company's business, reference is
made to the company's reports filed from time to time with the
Securities and Exchange Commission, including the company's Form
20-F.
Company Contact: Australia Dr Lee Finniear Chief Executive
Officer Ph: +61 7 3123 4700 USA Peter Faulkner SVP US Operations
Ph: +1 703 248 8218
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