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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hunter Res. | LSE:HUN | London | Ordinary Share | IM00BMNQNZ42 | 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% | 0.185 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUN
RNS Number : 6134B
Hunter Resources PLC
20 June 2016
20 June 2016
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
New Loan Facility
The Company is pleased to announce that it has agreed a new financing facility with Marine Investments (WA) Pty Limited ("Marine"), its largest shareholder, to provide an interim funding facility (the "Facility") to the Company. The Facility comes in two parts. The terms of the first part of the Facility (the "Initial Facility") are as follows:
-- an initial loan amount of GBP50,000; -- interest payable at 8% per annum on the amount of the Initial Facility; -- it is unsecured; and -- the Initial Facility is for a term of three months.
Subject to the approval by shareholders of certain resolutions relating to the share capital of the Company at its forthcoming annual general meeting (the "AGM"), details of which will be published and sent to shareholders during June 2016, then the second part of the Facility will be entered into on the day following the AGM. Terms of the second part of the Facility are as follows:
-- a total loan amount of GBP100,000, including a rolling over of the Initial Facility; -- interest payable at 8% per annum on the full amount of the Facility; -- it is unsecured; -- for a term of two years, with early repayment by mutual consent;
-- the Facility is convertible into new ordinary shares in the Company at a price of 0.157 pence per ordinary share (being a 15% discount to the closing mid-market price on 14 June 2016) at any time up until maturity; and
-- warrants to be issued on the basis of one warrant for every two ordinary shares issued on conversion. The warrants will entitle Marine to subscribe for new ordinary shares in the Company at a price of 0.157 pence per ordinary share for a period of three years following conversion.
The Facility will satisfy the short-term general working capital requirements of the Company, but the Company anticipates the need to raise further capital during 2016.
The granting of the Facility constitutes a related party transaction under the AIM Rules or Companies as Marine is a substantial shareholder in the Company (as defined in the AIM Rules for Companies). The Board consider, having consulted with Allenby Capital Limited, the Company's nominated adviser, that the terms of the Facility are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please contact:
Hunter Resources PLC Allenby Capital Limited Simon Hunt (Nominated Adviser and (Chairman) Broker) +44 7733 337 755 John Depasquale/Nick Harriss/Nick www.hunter-resources.com Naylor +44 20 3328 5656 www.allenbycapital.com ------------------------- ----------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGMVVNKGVZM
(END) Dow Jones Newswires
June 20, 2016 02:00 ET (06:00 GMT)
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