Page 109 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 107
NOTES TO THE
FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2013
Note 18. BORROWINGS
2013
$
2012
$
Convertible Note – debt liability 4,708,774 -
Convertible Note – derivative liability 85,000 -
4,793,774 -
5 million AUD denominated convertible notes were issued by the Company on 6 February 2013 to Hanlong at an
issue price of $1.00 per note. The holder may convert notes into underlying shares utilising a conversion price of
the average daily volume weighted average price of Sundance shares traded on the ASX over the five trading days
preceding the date of conversion. Conversion may occur at any time between 8 October 2013 and 30 June 2014
at the election of either Sundance or Hanlong. If the notes have not been converted they will be redeemed on
30 June 2014 at $1.00 per note.
The net proceeds received from the issue of the convertible notes have been split between the financial liability
element and a derivative component, representing the residual attributable to the option to convert the financial
liability into equity of the Company.
Note 19. CONTROLLED ENTITIES
Principal
Activity
Country of
Incorporation
Percentage Owned
(%)
2013 2012
Parent Entity:
- Sundance Resources Limited Corporate Australia - -
Subsidiaries of Sundance Resources Limited:
- Cam Iron S.A. Iron ore
exploration Cameroon 90 90
- Sundance Minerals Pty Ltd Holding Australia 100 100
- Sundance Exploration Pty Ltd Holding Australia 100 100
- Sundance Mining Pty Ltd Holding Australia 100 100
- Congo Iron SA Iron ore
exploration
Congo 85 85
Subsidiaries of Cam Iron S.A.:
- Mine Co S.A. Holding Cameroon 90 -
- Rail Co S.A. Holding Cameroon 90 -
- Port Co S.A. Holding Cameroon 90 -