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Mountain China Resorts (Holding) Limited is pleased to announce that it has completed its previously announced convertible bond financing with certain existing shareholders of the Company for aggregate gross proceeds of $100,000. The convertible bonds are due on December 23, 2012, have an interest rate of LIBOR + 3% and a conversion price of $0.12. The convertible bond as well as the common shares of MCR that may be issuable upon conversion thereof will be subject to a four month hold period under applicable Canadian securities laws and the policies of the TSXV until April 24, 2011.
The gross proceeds from the Offering will be used to provide working capital to the company and to fund the continuing operations of MCR’s Sun Mountain Yabuli Resort.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
