ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

Alecto: Terminates Yorkville equity swap

Share On Facebook
share on Linkedin
Print

Termination of Yorkville equity swap and issue of equity

Alecto Minerals plc (AIM:ALO), the AIM quoted mineral exploration company focussed on West and East Africa, announces that the equity swap agreement, announced on 7 November 2013 between the Company and YA Global Master SPV Ltd has been terminated by mutual consent.

Following termination of the Equity Swap, no further payments are due between Yorkville and the Company and Yorkville remains interested in 33,875,003 ordinary shares of 0.01 pence each in the capital of the Company representing approximately 3.8 per cent. of the Company’s issued share capital.

Yorkville has been a supportive shareholder in Alecto and in respect of such Ordinary Shares, Yorkville has placed the shares onto their long book and when ready to trade will do so through Alecto’s broker, Hume Capital Securities plc.

The equity swap provided the Company with an alternative funding arrangement and provided working capital for the successful exploration at the Kossanto Gold Project in Mali where the Company increased its JORC-code compliant resource to 247,000 oz Au during the 2014 field season.

The termination of the equity swap by mutual consent comes at an appropriate time while Alecto consolidates its current gold portfolio and looks to expand through operational and corporate activity.

Issue of equity:

Additionally, the Company has agreed to issue 2,777,143 new Ordinary Shares to a consultant to the Company in lieu of fees.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com