February 2, 2015 / 5:16 PM / 3 years ago

BRIEF-Petropavlovsk says launches refinancing, to change board

Feb 2 (Reuters) - Petropavlovsk Plc

* Launch of refinancing

* Refinancing consisting of fully pre-emptive 157 for 10 rights issue at 0.05 stg per share to raise up to 155.1 million stg

* Refinancing also consists of cash underwriting of 50.8 million stg ($77.0 million) arranged by founding shareholders and committed to by certain bondholders

* Certain bondholders have committed to exchange existing bonds for new ordinary shares for up to 104.0 million stg

* Announces new, five-year $100 million convertible bond

* 2014 production in line with previously stated guidance: 624,500oz of gold produced

* 2015 gold production target of 680,000-700,000 ounces, net of alluvial production

* 2015 total capital expenditure budget set at approximately $35 million

* Following completion of refinancing board will be reduced to seven members

* New board will consist of three executive directors Peter Hambro,Pavel Maslovskiy and Andrey Maruta and 4 non-executive directors

* Principal purpose of refinancing is to address group's imminent obligation to repay existing bonds on March 18 2015 Source text for Eikon: Further company coverage:

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