Amur Minerals secures convertible loan of up to US$10m
Source - SMW
Amur Minerals Corporation said it secured a convertible loan of up to US$10m with Cuart Investments PCC Ltd and YA II PN Ltd to progress development of its Kun-Manie project.
The convertible loan of up to US$10 million consists of three advances with the initial advance of US$4 million to be drawn down by the Amur Minerals on Feb. 14.
Each advance is repayable in 12 monthly installments, at 110% of the principal portion of the repayment and its accrued interest, with the first repayment expected 13 March 2018.
Each advance would allow Cuart Investments and YA II PN to be issued with warrants to the value of 30% of the value of each advance at an exercise price which is at a 30% premium to the price of each advance. Each set of warrants will be exercisable for a period of 3 years.
At 9:17am: (LON:AMC) Amur Minerals Corporation share price was -0.47p at 6.06p