Pembridge Resources PLC (LON:PERE) said it issued US$3mln (£2.1mln) of convertible loan notes, exceeding its initial target after the offer was oversubscribed, to fund potential future investment opportunities.
Last week, the mining company said it planned to raise up to US$2mln through the issue of up to 200 convertible loan notes of US$10,000, with an interest rate of 14%, redeemable after two years.
READ: Pembridge Resources plans loan note issue to fund investment plans
“Following a short marketing period to existing shareholders and other institutional and high net-worth investors without offering to the public generally, the company is pleased to confirm the convertible loan notes have been oversubscribed,” it said.
The company's board approved the issue of a further 100 convertible loan notes of US$10,000 on the same terms as announced on 27 May to meet some of this demand.
"We are very pleased at the reaction to these convertible loan notes, which will enable Pembridge to take advantage of opportunities that we anticipate becoming available to Pembridge in the near term,” said chief executive and chairman Gati Al-Jebouri, who invested US$500,000 in the convertible loan offer.
“I am happy to see that more and more investors share our belief in the intrinsic value of Pembridge," he said.