Investment Firm Blumont Banks $110M On Discovery Metals

Law360, New York (September 19, 2013, 1:54 PM EDT) -- Singapore investment conglomerate Blumont Group Ltd. said Thursday that it will make an equity investment of $110.4 million in Africa-focused Discovery Metals Ltd. in exchange for a potential controlling stake, months after Discovery rejected a Chinese private equity firm's takeover offer.

Blumont will pay $100 million for five-year convertible Discovery bonds that, if fully exercised, will give it a 55 to 60 percent controlling stake in the Australian copper producer. Blumont will also buy 73.1 million newly issued Discovery shares for 11 cents apiece, according to...
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