By Devika Patel
Knoxville, Tenn., Jan. 12 - Metals Exploration plc said it plans a £3.7 million private placement of shares and an £8 million debt facility.
The company will sell 52,834,721 ordinary shares at 7p apiece. Solomon Capital Ltd. has agreed to subscribe for 49,370,436 shares, or £3.46 million.
The company said it has also arranged an £8 million debt facility with Shelfco 725 Ltd., a sister company of Solomon Capital.
The facility will be available for drawdown in tranches conditional on development milestones being met. It has a term of 364 days.
Interest will accrue at the rate of Libor plus 8%.
Proceeds will be used for a bankable feasibility study on the Runruno project.
Metals Exploration is a London-based minerals exploration company focused on the Philippines.
| Issuer: | Metals Exploration plc
|
| Issue: | Ordinary shares, debt facility
|
| Pricing date: | Jan. 12
|
| Stock symbol: | London: MTL
|
| Stock price: | 10p at close Jan. 12
|
|
|
| Shares
|
| Amount: | £3,698,430.47
|
| Shares: | 52,834,721
|
| Price: | 7p
|
| Warrants: | No
|
| Investor: | Solomon Capital Ltd. (for £3,455,930.52)
|
|
|
| Facility
|
| Amount: | £8 million
|
| Maturity: | 364 days
|
| Coupon: | Libor plus 8%
|
| Price: | Par
|
| Yield: | Libor plus 8%
|
| Warrants: | No
|
| Investor: | Shelfco 725 Ltd.
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
