On May 7, 2021, Golden Energy and Resources Limited (“GEAR”), a subsidiary, announced its plan to issue SSN on May 14, 2021, as follows:
Funds obtained from the issuance of SSN will be used for (i) USD 237.6 million to redeem outstanding SSN in 2023 and repay all amount outstanding under Credit Suisse/Mandiri facilities including interest, and (ii) the remainder for general corporate purposes, including for investments to implement growth strategy.
On May 10, 2021, GEAR also invested AUD 15 million to subscribe to 33,333,333 new shares in Allegiance Coal Limited (up to 12%). Allegiance Coal Limited is a metallurgical mining company listed on the Australian Stock Exchange.