Published on 3/16/2009 in the Prospect News PIPE Daily.
New Issue: African Copper arranges £4.74 million placement of stock, $1.5 million loan
By Devika Patel
Knoxville, Tenn., March 16 - African Copper plc said it will take in $1.5 million through a short-term, interest-free, secured loan facility and £4.74 million through a private placement of shares. The investor for both financings is Natasa Mining Ltd.
The loan will pay 0% until maturity on May 15, 2009. If it is not repaid by that date, it will begin to accrue interest at Libor plus 10%.
The loan will be repaid out of a proposed $6.5 million private placement of ordinary shares and funds from a proposed $8.5 million debt facility.
Under the equity placement, Natasa will buy 1,581,557,998 ordinary shares at 0.3p per share for £4.74 million, or $6.5 million.
African Copper is a mineral exploration and development company based in London.
| Issuer: | African Copper plc
|
| Issue: | Loan, ordinary shares
|
| Amount: | $1.5 million, £4.74 million
|
| Investor: | Natasa Mining Ltd.
|
| Pricing date: | March 16
|
| Stock symbol: | London: ACU
|
| Stock price: | 0.74p at close March 16
|
|
|
| Loan
|
| Amount: | $1.5 million
|
| Maturity: | May 15, 2009
|
| Coupon: | 0% to maturity and Libor plus 10 after that
|
| Price: | Par
|
| Yield: | 0% to maturity and Libor plus 10 after that
|
|
|
| Shares
|
| Amount: | £4,744,674
|
| Shares: | 1,581,557,998
|
| Price: | 0.3p
|
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