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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Baobab Res. | LSE:BAO | London | Ordinary Share | GB00B19HQ991 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBAO
RNS Number : 0569L
Baobab Resources PLC
23 April 2015
23 April 2015
Baobab Resources Plc
("Baobab" or the "Company")
Bridging Finance Facility
Baobab Resources Plc is pleased to announce that it has entered into a deed of variation to increase the existing US$2.0 million unsecured and interest free bridging finance facility with African Minerals Exploration & Development Fund II Sicar SCA ("AMED"), as lender, to a total loan amount of US$3.5 million (the "Loan"), as originally announced on 5 November 2014 and amended pursuant to a deed of variation and novation dated 26 February 2015. The proceeds of the Loan will be utilised by the Company as additional working capital and for general corporate purposes.
The Loan is repayable upon the earlier of (i) the completion of a capital raising by Baobab if, in the sole discretion of the lender, the financial position of Baobab is such that the bridging loan can be repaid in full; (ii) a change of control of the Company (other than a change of control involving the lender or any concert party related thereto); or (iii) 31 December 2015.
The Loan is deemed to be a related party transaction under the AIM Rules for Companies. The independent directors of the Company (being Jeremy Dowler, Ben James and Frank Eagar) consider, having consulted with its nominated adviser Canaccord Genuity Limited, that the terms of the proposed transaction are fair and reasonable insofar as its shareholders are concerned.
Enquiries:
Baobab Resources Plc Ben James (Managing Director) Tel: +258 21 486 404 Jeremy Dowler (Chairman) Tel: +44 1372 450529 Frank Eagar (Finance Director) Tel: +27 76 753 5377 Canaccord Genuity Limited Tel: +44 20 7523 8000 (NOMAD, broker and financial adviser to the Independent Directors) Henry Fitzgerald-O'Connor Chris Fincken
This information is provided by RNS
The company news service from the London Stock Exchange
END
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