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Amur Minerals Corp - Issue of Equity

RNS Number : 0662S
Amur Minerals Corporation
04 November 2019
 

 

4 November 2019

 

AMUR MINERALS CORPORATION

(AIM: AMC)

 

Issue of Equity

 

 

Amur Minerals Corporation ("Amur" or the "Company"), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to announce that the Company has raised £1.2 million before expenses through the subscription of 70,588,235 ordinary shares of no par value of the Company ("Ordinary Shares") at a price of 1.7 pence per share ("Subscription"). The subscription is by an asset manager specialising in natural resources.

 

£625,000 of the proceeds of the Subscription will be used to repay in full the convertible loans outstanding to Riverfort Global Opportunities PCC Limited and YA II PN Ltd (together "Riverfort"), together with any interest due, and the Company has agreed not to make any further drawdowns under the convertible loan facility with Riverfort for a minimum period of three months and, furthermore, intends to find alternative sources of financing that would avoid any future draw downs from the Riverfort convertible loan facility.

 

The balance of the funds will be used for general working capital purposes.

 

Application has been made to the London Stock Exchange plc for 70,588,235 new Ordinary Shares to be admitted to trading on the AIM market ("Admission"). Admission is expected to occur on or around 7 November 2019. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares including the right to receive any dividend or other distribution thereafter declared, made or paid.  There are no Ordinary Shares held in treasury. Following Admission, the total number of voting rights in the Company will be 835,955,273.

 

Robin Young, CEO of Amur Minerals Corporation, commented:

 

"The fundraise strengthens the Company's financial position as we continue our work on the TEO workstreams, and the follow on DFS, and will update the market with the progress of these various workstreams as and when appropriate. As previously noted in the interim accounts released on 30 September 2019, Amur continues to engage with potential strategic partners that have expressed an interest in advancing the Kun-Manie project. In light of the ongoing strength in the nickel price, the Company hopes to update the market with positive progress in due course."

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

 

Company

Amur Minerals Corp.

Nomad and Broker

S.P. Angel Corporate Finance LLP

Public Relations

Blytheweigh

Robin Young CEO

Richard Morrison

Soltan Tagiev

Megan Ray

Tim Blythe

+7 (4212) 75 56 15

+44 (0) 20 3470 0470

+44 (0) 20 7138 3203

 

For additional information on the Company, visit the Company's website, www.amurminerals.com.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Amur Minerals Corp.

Price: 1.8725

Market: LSE
Market Cap: £25.67 m
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