Fox Marble Holdings PLC Issue of Convertible Loan Notes (8995C)

TIDMFOX

RNS Number : 8995C

Fox Marble Holdings PLC

04 October 2018

4 October 2018

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Issue of Convertible Loan Notes

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region announces that a shareholder in Fox Marble has subscribed for GBP300,000 of Convertible Loan Notes ("CLNs") on the same terms as previously issued to the existing and previous CLN holders. The principal terms of which are set out below:-

   Term                                  2 years 
   Conversion price             10.5 p 
   Interest rate                     8 % 

The CLNs are convertible at the discretion of the Holder

Following the issue set out above the Company has a total of GBP1,275,000 outstanding CLNs.

These funds will be largely utilised in the purchase of plant and equipment to facilitate meeting the strong demand for its block material.

For more information on Fox Marble please visit www.foxmarble.net or contact:

 
 Fox Marble Holdings plc 
 Chris Gilbert, Chief Executive Officer   Tel: [phone] 
                                           0999 
 Fiona Hadfield, Finance Director         Tel: [phone] 
                                           0999 
 
 Brandon Hill Capital (Broker) 
 Oliver Stansfield                        Tel: [phone] 
                                           5000 
 Cairn Financial Advisers LLP (Nomad) 
 Liam Murray                              Tel: [phone] 
  Jo Turner                                0880 
 Yellow Jersey PR (PR & IR) 
 Georgia Colkin                           Tel: [phone] 
  Katie Bairsto                            916 715 
                                           Tel: [phone] 
                                           424 651 
 

Notes to Editors:

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

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October 04, 2018 02:00 ET (06:00 GMT)