Aurum Mining PLC Convertible Loan and Trading Update (4737B)
June 17 2016 - 2:00AM
UK Regulatory
TIDMAUR
RNS Number : 4737B
Aurum Mining PLC
17 June 2016
17 June 2016
AURUM MINING PLC
("Aurum" or the "Company")
Convertible loan
Trading update
Aurum Mining plc (AIM: AUR), the Spanish focused gold and
tungsten explorer, announces that it has raised GBP100,000 through
a convertible loan (the "Loan"). The Loan is unsecured, accrues no
interest and is not repayable. The Loan will be converted at the
price at which equity is next issued. If it is so converted, the
loan providers are also entitled to a warrant for every share they
receive. Each warrant would be exercisable at 2 pence per
share.
The Loan will be used to provide on-going working capital for
the Company.
David Williams, Chairman of Aurum, is providing GBP50,000 of the
convertible loan finance. His participation in the Loan constitutes
a related party transaction in accordance with AIM Rule 13. The
Independent Directors, being the Directors other than David
Williams, having consulted with the Company's nominated adviser WH
Ireland, consider the terms of the loan transaction with David
Williams to be fair and reasonable insofar as its shareholders are
concerned. Mr. Williams has a beneficial interest of 29.14% of the
current issued share capital of the Company.
There was no significant change in the Company's trading in the
second half of the year ended 31 March 2016. Results for the year
are expected to be announced in the second half of August.
Contacts:
Aurum Mining plc www.aurummining.net
Sean Finlay +44 (0) 20 7499 4000
WH Ireland Limited Nominated Adviser &
Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
Notes to Editors:
Aurum Mining is an AIM listed exploration and development
company focused on its highly prospective portfolio of gold and
tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc
(AIM: ORM), Aurum currently has a 56.5% interest in the Pino de Oro
project in Zamora Province and a 51.4% interest in the Peralonso
and Cabeza projects in Salamanca Province.
Tungsten
Aurum's 20% owned Morille Tungsten project is located
approximately 15km south west of Salamanca in North West Spain and
covers an area of 5,796 hectares. The permit area is a 'brownfield'
site with historical data indicating production from the site of
high quality tungsten concentrates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUNUNRNRANAAR
(END) Dow Jones Newswires
June 17, 2016 02:00 ET (06:00 GMT)
Shearwater (LSE:SWG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Shearwater (LSE:SWG)
Historical Stock Chart
From Apr 2023 to Apr 2024