Mineral & Financial Invest. Limited Investment Update: Redcorp/Ascendant Resources
19 Octubre 2023 - 1:00AM
RNS Non-Regulatory
TIDMMAFL
Mineral & Financial Invest. Limited
19 October 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp/Ascendant Resources have Selected
Bank to Act as Mandated Lead Arranger for Non-recourse Project
Financing for its Lagoa Salgada Project in Portugal
HIGHLIGHTS :
-- Ascendant selected a Mandated Lead Arranger for Lagoa Salgada Project in Portugal
-- On-boarding and formal engagement to be completed by Ascendant in coming weeks.
-- UK Export Finance has expressed an interest to provide
support for up to US$190 million for the Lagoa Salgada Project,
representing 70% of total capital expenditures.
Camana Bay, Cayman Islands - 18 September 2023 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or
the "Company") is pleased to provide an update of its investment in
Redcorp Empreedimentos Mineros Lda ("Redcorp"). Redcorp is
developing the Lagoa Salgada Polymetallic Project in Portugal,
which is being funded and guided by Ascendant Resources Inc
("Ascendant"). M&F owns a conditional 5% to 20% Carried
Interest in Redcorp and Ascendant owns the balance (see the
announcement dated 28 November 2023 for further details).
As announced on September 5(th) 2023, Ascendant together with
its advisors, SD Capital Advisory Ltd and GKB Ventures Ltd
("S&G"), initiated a tender process to solicit interest from
several global Project Finance Banks to act as Mandated Lead
Arranger ("MLA") for the Company's ECA supported Non-Recourse
Project Financing, supported by the UK Export Finance agency
("UKEF").
The Directors understand that the tender process resulted in
Ascendant receiving several compelling bids. The Directors are
advised thatAscendant has now evaluated the bids based on
experience, execution capabilities and financial terms and has now
appointed a bank with extensive experience in ECA financing, a
strong position and understanding of Portugal, a longstanding
relationship with UKEF and which has presented competitive terms
for the financing. The Directors are further advised that Ascendant
is currently undertaking a review of a formal engagement letter
with the chosen ank and will announce terms once signed. Once
engaged, it is understood the next phase of the process will
comprise a formal due diligence period before final binding offers
and documentation which are expected to be completed in 2Q
2024.
As outlined previously, UKEF has expressed an interest to
provide support for up to US$190 million for the Lagoa Salgada
Project, representing 70% of total capital expenditure, interest
payable during construction, political risk insurance premium as
well as other approved expenditures for each project.
UKEF is a department of the UK Government and is the UK's
official ECA. UKEF operates under an Act of Parliament to support
UK exports, predominately through the provision of 100%
unconditional guarantees backed by the UK Government.
Jacques Vaillancourt, President & CEO of M&F stated, "
After receiving several compelling offers, Ascendant are confident
that they have selected a strong partner to lead the Project
Financing and help bring the project towards a fully funded
construction decision in Q2 2024 ".
There can be no guarantee that any transaction or fundraising
will be concluded, further announcements will be made as
required.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Sarah Mather, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 382 8300
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
considered to be in the public domain.
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