Armadale announces repayment and termination of Bergen facility

What are the details?

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, announces that it has entered into an agreement with Bergen Global Opportunity Fund, LP to repay the balance of the convertible security issued to Bergen on 16 October 2014 and terminate its funding agreement with Bergen.

The amount of the previously issued convertible security that is currently outstanding, US$242,815, will be repaid in full. In addition, in consideration of Bergen agreeing to an early repayment, the Company has agreed to make a payment of £30,000, in cash or shares at the option of the Company, on or before 1 August 2015. Bergen has confirmed it currently holds no shares in the Company.

In order to fund the repayment of the convertible security, the Company has issued three non-convertible unsecured loan notes for an aggregate value of £200,000. The Notes accrue interest at 12 per cent per annum, payable upon repayment. The Notes are repayable 6 months from the date of issue. The holders of the Notes have been issued warrants over a total of 437.5 million new ordinary shares, exercisable at 0.0225p per share, for a period of three years.

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