EMM Mkt Minerals Additional Unsecured Loan Facility
24 Octubre 2016 - 1:00AM
UK Regulatory
TIDMEMM
Emerging Market Minerals Plc("Emerging Market Minerals" or the
"Company")
Emerging Market Minerals (AIM:EMM), the AIM quoted uranium,
thorium, base and precious metals and gemstones exploration and
development company operating in Madagascar, announces that it has
entered into a further working capital loan facility (the
"Facility") with Matryoshka Ltd ("Matryoshka"), a company wholly
beneficially owned by Mr Martin Nicholls, Executive Chairman of the
Company, for an amount of up to GBP250,000. This Facility is in
addition to the loan facility of GBP100,000 provided by Matryoshka
to the Company on 30 March 2016, which has been fully drawn
down.
The Facility is unsecured and has a fixed term of eighteen
months, at which time it will be repayable in full, together with
an interest payment, accrued daily, of five per cent. per annum, in
cash. In the event of any default the interest rate will increase
to eight per cent.
The Company is currently evaluating a number of possible
opportunities and, in the event that a suitable project is
identified, the Company intends to seek to secure sufficient
additional funding to pursue such opportunity at the appropriate
time. In the event that the Company undertakes a further financing
by way of an equity issuance of in excess of GBP4,000,000 prior to
31 December 2016, any amounts undrawn under the Facility will no
longer be made available to the Company.
Whilst the proceeds of the Facility will be used for the
Company's immediate working capital purposes, the ability of the
Company to continue as a going concern will be dependent on raising
further funds to meet its ongoing operational and capital
commitments, including those relating to sourcing, evaluating and
acquiring potential new assets. The Board currently remains
confident that it will be able to secure additional working capital
in the short term, as required, and further announcements will be
made in due course as appropriate.
Martin Nicholls is a director of the Company and, as such, he is
a related party of the Company pursuant to Rule 13 of the AIM Rules
for Companies. Accordingly, the Company entering into the Facility
with Matryoshka is deemed to be a related party transaction
pursuant to AIM Rule 13.
The independent director for the purposes of AIM Rule 13 (being
Roy Spencer), having consulted with the Company's nominated
adviser, Strand Hanson Limited, considers that the terms of the
Facility are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information, please contact:
Emerging Market Minerals Plc Tel:+44 (0)20 3637 5933
Martin Nicholls, Executive Chairman
Strand Hanson Limited (Nominated Adviser) Tel:+44 (0)20 7409 3494
James Harris
Matthew Chandler
James Dance
Pareto Securities Limited (Broker) Tel: +44 (0)20 7786 4370
or visit:
www.emergingmarketminerals.com
View source version on businesswire.com:
http://www.businesswire.com/news/home/20161023005058/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 24, 2016 02:00 ET (06:00 GMT)
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