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New money allows Amur Minerals Corp to proceed with discussions with strategic investors

Amur Minerals is developing one of the world's last major nickel sulphide deposits

Amur Minerals Corp. -

Amur Minerals Corporation (LON:AMC) has secured a fixed-term loan note from Plena Global Opportunities.

The loan note will provide Amur with up to £1.5mln and consists of three advances. The initial advance of £500,000 is likely to be received by the company on 13 March 2020.

A second advance of £500,000 is available after three months and a final advance of £500,000 is available after six months.

Each tranche of loan notes is repayable by the company in three months of the advance being made. But if any of the relevant tranches of loan notes are not repaid at that date, the term of the loan notes will automatically be extended by a further period of 12 months.

When the loan notes are redeemed Amur will pay Plena Global in cash an amount equal to 105% of the principal amount plus interest equal to 10% of the principal amount being so redeemed.

Additionally, if Amur elects not to repay the advance by the three month repayment date Plena can elect to convert the advance at any time into shares.

The conversion price will be 90% of the daily volume-weighted average price over the three trading days immediately prior to conversion, and the loan notes will be converted at 105% of face value.

Plena Global will also be issued with 52mln three year warrants with an exercise price of 1.43p.

The new money will be used by Amur to progress development of the Kun-Manie nickel copper sulphide project in the Far East of Russia.

 

Quick facts: Amur Minerals Corp.

Price: 1.1575 GBX

LSE:AMC
Market: LSE
Market Cap: £10.65 m
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