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Amur Minerals seeks to move on from Riverfort, as fund manager pumps in £1.2mln of new money

Amur Minerals controls the sizeable Kun-Manie nickel sulphide deposit the Far East of Russia

Amur Minerals Corporation -
Current outstanding convertible loans will be paid off in full

Amur Minerals Corporation (LON:AMC), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, has raised £1.2mln before expenses through the subscription of just under 70.6mln shares at a price of 1.7p per share.

The subscription is by an asset manager specialising in natural resources.

More than half of the money raised will be used to repay in full the convertible loans outstanding to Riverfort Global Opportunities PCC Limited and YA II PN Ltd, together with any interest due.

What’s more, Amur has agreed not to make any further drawdowns under the convertible loan facility with Riverfort for a minimum period of three months and 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.

 

Quick facts: Amur Minerals Corp.

Price: 2.0025 GBX

LSE:AMC
Market: LSE
Market Cap: £16.74 m
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Full interview: Amur Minerals raises £1.2mln and remains 'fully focused on...

Amur Minerals Corporation's (LON:AMC) Robin Young speaks to Proactive London's Andrew Scott soon after announcing they've raised £1.2mln before expenses. The subscription is by an asset manager specialising in natural resources. Meanwhile, Young says they remain fully focused on the...

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