![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Altyngold Plc | LSE:ALTN | London | Ordinary Share | GB00BMH19X50 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -1.31% | 150.50 | 146.00 | 155.00 | 158.00 | 146.00 | 158.00 | 25,835 | 16:35:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 64.43M | 11.34M | 0.4148 | 3.52 | 41.68M |
TIDMHMB
Hambledon Mining plc ("Hambledon" or the "Company")
Investment by EBRD and Change of Directorate
22 February 2012
Further to the announcement made on 27 January 2012 and the circular to shareholders dated 1 February 2012, Hambledon is pleased to announce that the European Bank for Reconstruction and Development ("EBRD") and the Company have agreed terms for the provision by EBRD of a secured loan facility of US$15 million (the "Loan Agreement"), a US$3 million equity investment in the Company and the issue to EBRD of warrants over 30 million Shares, in each case for Hambledon to develop the Sekisovskoye, Kazakhstan underground mining operation. This agreement follows the approval by the EBRD board of directors earlier this month.
Loan Agreement
Under the terms of the Loan Agreement entered into on 21 February 2012 between two of the Company's subsidiaries, Altai Ken-Bayitu LLP ("AKB") and Sekisovskoye LLP ("Seki"), and EBRD, EBRD has conditionally agreed to lend US$15 million in two tranches to AKB and Seki, on a joint and several basis, repayable in quarterly instalments between 10 January 2015 and 10 October 2017. Interest on drawn amounts will be charged at a rate of three months LIBOR plus seven per cent. per annum. The loan ceases to be available for draw down on 21 February 2014.
Under the Loan Agreement, AKB and Seki have each given certain representations, warranties and covenants to EBRD and the Loan Agreement contains certain events of default that could enable EBRD to require repayment prior to the stated maturity date.
AKB and Seki will work towards satisfying the conditions precedent to the Loan Agreement and the Company estimates that this will be achieved within approximately four weeks from the date of that agreement, after which the first tranche of funds, being US$10 million, made available under the Loan Agreement may be utilised. The availability of the second tranche is subject to certain production targets being met.
Subscription Agreement
Under the terms of the Subscription Agreement entered into on 21 February 2012 between the Company and EBRD, EBRD has conditionally agreed to subscribe for 58,794,708 Shares at a price 3.25 pence per Share (that price equalling the Placing Price per Share under the Placing announced on 1 February 2012). The aggregate subscription monies to be paid by EBRD for such Shares will be approximately GBP1.91 million (approximately US$3.00 million).
Under the Subscription Agreement, the Company has given certain representations, warranties and covenants to EBRD. The Subscription Agreement gives EBRD the right to nominate a director to the Board for so long as it holds Shares (and, before such time, whilst it has the right to subscribe for Shares or exercise Warrants).
The Company will now work towards satisfying the conditions precedent to the Subscription Agreement and estimates that this will be achieved within approximately 14 days following the date of that agreement, after which it must then give not less than 15 days' notice to the EBRD to make its equity investment.
Warrant Instrument
Pursuant to the Warrant Instrument, EBRD has been issued with non-transferrable warrants over 30 million Shares.
The Warrants are exercisable at any time before the earlier of (i) 21 February 2014 and (ii) if the closing price per Share exceeds 6.5325 pence for a period of 20 consecutive trading days during that two year period, 45 days from the date on which the Company notifies EBRD that this condition has been met. In either case, any Warrants not exercised within the relevant period will lapse. The Warrants are exercisable in whole or in tranches of no less than 5,000,000 Warrants (or, if less, the amount of Warrants unexercised as at the relevant date).
The exercise price of the Warrants is 4.875 pence per Share (representing a 50 per cent. premium to the Placing Price).
If the Warrants are exercised in full approximately GBP1.5 million (approximately US$2.30 million) will be raised by the Company.
Total interests in Shares
On the assumption that (i) only the Shares under the Subscription Agreement are issued to EBRD and (ii) no further Shares are issued before that date, EBRD will hold 58,794,708 Shares representing approximately 6.00 per cent. of the then issued share capital of the Company.
On the assumption that (i) the Shares under the Subscription Agreement are issued to EBRD and continue to be held by EBRD, (ii) the Warrants are exercised in full and (iii) no further Shares are issued before that date, EBRD will hold 88,794,708 Shares representing approximately 8.79 per cent. of the then issued share capital of the Company.
Change of Directorate
In view of the impending appointment to the Board of a director nominated by EBRD, Dr Jeff O'Leary is taking this opportunity to resign his position on the Board of the Company. Tim Daffern, CEO of Hambledon, made the following comment "Jeff has ably assisted the Company since his appointment, especially with its resources and resource statement. The Company is extremely grateful for Jeff's guidance and support and wishes him well in the future."
Enquiries:
Hambledon Mining plc:
Telephone +44 (0)20 7233 1462
Charles Zorab
Fairfax I.S. PLC (Nominated adviser and broker):
Telephone +44 (0)20 7598 5368
Ewan Leggat/Katy Birkin
Tavistock Communications:
Telephone +44 (0)20 7920 3150
Ed Portman/Jos Simson
DEFINITIONS
"Directors"or"Board" the directors of the Company; "EBRD" European Bank for Reconstruction and Development; "Kazakhstan" the Republic of Kazakhstan; "Placing" the placing of 177,507,699 Shares (as summarised in the circular to Shareholders dated 1 February 2012) which completed on 20 February 2012; "Placing Price" means 3.25 pence per Share (being the price at which Shares were issued under the Placing); "Shareholder" a person recorded as a holder of Shares in the Company's register of members; "Shares" ordinary shares of 0.1p each in the capital of the Company; "Subscription Agreement" the agreement entered into on 21 February 2012 between (i) the Company and (2) EBRD under which EBRD conditionally agreed to subscribe for 58,794,708 Shares; "Warrant Instrument" the deed poll entered into by the Company on 21 February 2012 constituting the Warrants; and "Warrants" the non-transferrable warrants to subscribe for up to 30,000,000 new Shares issued to EBRD under the terms of the Warrant Instrument.
The following exchange rate has been used in this announcement: GBP1:$1.57.
1 Year Altyngold Chart |
1 Month Altyngold Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions