Proactive investorsLogo Proactive Investors UK Website

Search field

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Additional information
Additional Information
Market: AIM
Sector: General Mining - Gold
Epic: CMR
News: Latest news
Web Site: Cambridge Mineral Resources Plc
Other Articles: 20-11-200820-11-200816-09-2008

Cambridge Mineral Resources Plc

Cambridge Mineral Resources  principal focus is the exploration for, and production of precious metals in South America. The company also owns interests in gold, copper, zinc and uranium projects in Europe. The Company has a strong portfolio of mineral projects at varying stages of commercialization, supporting its strategy of providing shareholders with attractive upside opportunities.

 

 

Friday, December 12, 2008

Cambridge Mineral raises 135,000, amends financing arrangements

company news image

Cambridge Mineral Resources PLC (CMR) said it raised £135,000 before expenses through placing 13.5 million new ordinary shares, and it plans to use the money for general working capital purposes and to assist  in  the development  of  its  portfolio, particularly in South  America  where  it  has  recently commenced production in Colombia.


In a separate statement, the company said amendments have been made to certain terms of the existing financing arrangements for the development of its Colombian gold projects.


These financing arrangements were put in place to fund the development of up to three of CMR's gold mine projects in the country, including the Quintana Gold mine which commenced production on November 9 2008.


Under the new terms CMR will pay its lender a higher amount of gold ounces from Quintana as prepayment from start of the mine - 13,691 instead of 11,750 - , and the previously envisaged period over which it will make the gold available will be extended to 39 months from 36. Development of Quintana took longer than expected mainly due to adverse weather conditions and the cost rising by US$500,000 to US$6 million due primarily to adverse currency fluctuations.


In addition, the lender has requested that the exercise prices of any warrants to be granted upon subsequent prepayments be amended to be at the closing mid-market price of the company's shares as at the date of signing any such further prepayment arrangement rather than at a 25 percent premium to the then market price, as previously envisaged.  The company has agreed to this, pending shareholder approval.


Under the terms of the financing deal, prepayment for each of the three mines it covers is to be accompanied by the grant of warrants in the company, equivalent upon exercise to 15 percent of the company's issued share capital for the first prepayment, 10 percent for the second prepayment and 5 percent for the third.

NewsNow icon AddThis Feed Button
Register here to be notified of future Cambridge Mineral Resources Plc articles.

Other Cambridge Mineral Resources Plc articles

More articles ►

Other Cambridge Mineral Resources Plc news

More news ►

Investors interested in Cambridge Mineral Resources Plc recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.