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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cambridge Mins. | LSE:CMR | London | Ordinary Share | GB0001826303 | 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% | 0.34 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Cambridge Mineral Resources plc / Ticker: CMR / Index: AIM / Sector: Mining & Exploration Cambridge Mineral Resources plc ('CMR' or 'the Company') Update on financing arrangements Cambridge Mineral Resources plc, the AIM listed mining exploration and production company primarily targeting precious metals in South America, announces that amendments have been made to certain terms of its existing financing arrangements for the development of its gold mine projects in Colombia. These financing arrangements were put in place to fund the development of up to three of CMR's gold mine projects in Colombia ('the Mines'), including the Quintana Gold mine which commenced production on 9 November 2008. The arrangements, which take the form of a Prepayment Agreement ('the Agreement') dated 31 December 2007, provide for the lender ('the purchaser') to make available to the Company up to a maximum of US$ 15 million in aggregate for the Mines with such financing to be spread across three prepayments. CMR is obliged to make available to the purchaser, gold, or the cash equivalent, over a period of approximately 36 months following each mine start. The proceeds from the first prepayment, totalling US$5.5 million, were used to bring the Quintana gold mine into production, and to identify two additional CMR gold mine projects, which are currently progressing towards feasibility study stage. In respect of the first prepayment, CMR was to make a total of 11,750 ozs gold available to the purchaser, representing approximately 25% of estimated total production during the term. Under the terms of the Agreement, each prepayment is to be accompanied by the grant of warrants in the Company, equivalent upon exercise to 15% of the Company's issued share capital for the first prepayment, 10% for the second prepayment and 5% for the third prepayment. The warrants, in respect of the first prepayment, were to be granted at an exercise price of 3.75p, and warrants in respect of the subsequent prepayments were to be granted at the same percentage premium to the market price as that of the first prepayment (a 25 per cent. premium). On 10 March 2008 the Company held a General Meeting in which shareholders approved the increase in share capital required to grant the warrants under the above terms for the first prepayment. Since then the Company has granted the warrants relating to the first prepayment. It has also brought its first mine, Quintana, into production in November 2008. As previously announced, the development of Quintana has taken longer than expected mainly due to adverse weather conditions. In addition, the cost of development increased by US$500,000 to US$6,000,000 due primarily to adverse currency fluctuations between the US Dollar and the Colombian Peso, the cost of which was funded by the purchaser and added to the first prepayment. As a result of the foregoing, CMR has agreed to provide the purchaser with a revised total of 13,691 ounces of gold and to extend the delivery term under the first prepayment to 39 months. In addition, the purchaser has requested that the exercise prices of any warrants to be granted upon subsequent prepayments be amended to be at the closing mid-market price of the Company's shares as at the date of signing any such further prepayment arrangement rather than at a 25 per cent. premium to the then market price. The Company has agreed to this request subject to approval by shareholders, such approval to be sought at a general meeting that will be held no later than 1 May 2009. The purchaser has also stated that should shareholders not approve the proposed amendments to the exercise prices of the warrants then such non-approval will be deemed to be an event of default entitling the purchaser to terminate the Agreement. CMR is not obliged to enter into further prepayment arrangements with the purchaser beyond the first prepayment which has already been drawn down. ** ENDS ** For further information, visit www.cambmin.co.uk or contact: Colin Andrew Cambridge Mineral Resources plc +44 (0) 20 7663 5618 Managing Director candrew@iol.ie Michael Burton Cambridge Mineral Resources plc +44 (0) 20 7663 5618 Finance Director mburton@cambmin.co.uk Gavin Burnell / Ruegg & Co Limited +44 (0) 20 7584 3663 Roxane Marffy Colin Rowbury Religare Hichens Harrison plc +44 (0) 20 7382 7771 Tom Beattie Haywood Securities (UK) Limited +44 (0) 20 7031 8018 Victoria Thomas St Brides Media & Finance Ltd +44 (0) 20 7236 1177 Notes to Editor Cambridge Mineral Resources plc is an AIM listed mining and exploration company focussed on becoming a producer of precious metals with an output equivalent to 100,000 oz gold per annum. Primarily targeting precious metals in South America, its strategy is to acquire established resources at advanced stage exploration or near term production and develop them to economically mineable reserves through further exploration. The Company has a portfolio of mineral projects at varying stages of commercialisation including its two key projects, the Quintana gold mine in Colombia, which commenced production in November 2008, and the Rasuhuilca silver-gold mine in Peru. The Company also has a portfolio of assets in Europe, which it is currently in the process of seeking to divest through either joint-venture or sale. Cambridge Mineral Resources Plc
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