African Eagle Resources PLC African Eagle Resources Plc: Facility Agreement

 
TIDMAFE 
 
   17 June 2014 
 
   African Eagle Resources plc 
 
   ("African Eagle" or the "Company") 
 
   Facility Agreement 
 
   African Eagle (AIM: AFE; AltX: AEA) announces that it has today entered 
into an unsecured loan facility ("Facility") of up to a total of 
GBP365,000 with CEO of the Company, Nick Clarke, and Chairman of the 
Company, Kola Karim ("Facility Agreement"). 
 
   The terms of the Facility Agreement include that it is available for 
draw down until 30 November 2015, accrues interest at the rate of 5 per 
cent. per annum from day to day and is calculated for any period on the 
basis of the actual number of days elapsed and a 365 day year.  The 
Facility and accrued interest is repayable on the earlier of 31 December 
2015 or the completion of a successful fundraising that forecasts, at 
the time of such fundraising, that African Eagle shall have sufficient 
working capital to operate until 31 December 2015 after full repayment 
of all sums due under the Facility Agreement. 
 
   The Facility will be used by African Eagle for general working capital 
purposes. 
 
   The Facility Agreement is a related party transaction under the AIM 
Rules. Robert McLearon, being the only director not involved in the 
Facility Agreement as a related party, considers, having consulted with 
Beaumont Cornish Limited, the Company's nominated adviser, that the 
terms of the Facility Agreement are fair and reasonable insofar as the 
Company's shareholders are concerned. 
 
   For further information please visit www.africaneagle.co.uk or contact 
the following: 
 
   Enquiries: 
 
 
 
 
African Eagle Resources plc                   Tel: [phone] 
 Robert McLearon, Finance Director 
 
Beaumont Cornish Limited (Nominated Adviser)  Tel: [phone] 
Roland Cornish 
 Emily Staples 
Pareto Securities Limited (Broker)            Tel: [phone] 
 Guy Wilkes 
 
 
   About African Eagle 
 
   African Eagle Resources plc is quoted on the AIM Market of the London 
Stock Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges. 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: African Eagle Resources PLC via Globenewswire 
 
   HUG#1794471 
 
 
  http://www.africaneagle.co.uk/