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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mineral & Financial Investments Limited | LSE:MAFL | London | Ordinary Share | KYG6181G1055 | ORD 1P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | 11.50 | 12.50 | 12.40 | 12.00 | 12.00 | 89 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metal Mining Services | 2.39M | 1.55M | 0.0420 | 2.86 | 4.43M |
TIDMMAFL
RNS Number : 6231R
Mineral & Financial Invest. Limited
01 July 2020
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Amended terms to Redcorp Earn-In Agreement with Ascendant Resources
HIGHLIGHTS:
-- Amendment to one payment of Redcorp Earn-In Option Agreement with Ascendant
-- M&FI received US$100,000 on June 22, 2020 and additionally costs of US$62,000 have been reimbursed
-- M&FI has received the equivalent of 32.4% of the expected payment in June 2020
-- Amendments result in US$600,000 of monthly cash payments in lieu of a US$500,000 single payment scheduled for June 22, 2020
-- In the event of a financing, or change of control, the amount owed will be paid on closing
George Town, Cayman Islands - 1 July 2020 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is pleased to provide an update on the Earn-In Option Agreement with Ascendant Resources Inc. The Directors of M&FI are pleased to announce what it believes is a mutually satisfactory resolution to the financial issues which its partner have encountered in 2020. This an example as to how M&FI can work constructively with its investee companies while securing improved returns for MAFL shareholders. M&FI, through its wholly owned Swiss subsidiary TH Crestgate GmbH, currently owns 75% of Redcorp Empreedimentos Mineiros Lda, whose main asset is the 23Mt Lagoa Salgada Polymetallic project in Portugal. Ascendant must fulfil its work obligations, totalling US$9.0m and pay M&FI US$2.5M over the next 2 years to reach 50% ownership. To reach 80% ownership of Redcorp, Ascendant must complete a Feasibility and pay M&FI an additional US$2.5m.
Amendment
M&FI has agreed with Ascendant Resources Inc, in the face of the extraordinary circumstances in part created by the global shut-down caused by the Coronavirus pandemic, an amendment to the payment schedule set out in the Earn-In Option Agreement, ("Option Agreement").
In accordance with the terms of the Amendment to the Option Agreement, the US$500,000 payment due to be paid by Ascendant on June 22, 2020 will instead be satisfied by the six monthly payments of US$100,000 (a total of US$600,000), and an additional security pledge, in accordance with the following schedule:
June 22, 2020 US$100,000 July 22, 2020 US$100,000 ----------- August 22, 2020 US$100,000 ----------- September 22, US$100,000 2020 ----------- October 22, 2020 US$100,000 ----------- November 22, 2020 US$100,000 -----------
The final payments due to MAFL under the Option Agreement at intervals of 36 months and 48 months after completion, remain unchanged. In the event of a default the option would lapse, and ownership would be frozen at the then level of ownership, operatorship would remain at the Redcorp level and Ascendant would be subject to dilution by further investment into Redcorp.
Additionally, in the event that Ascendant succeeds in raising third party financing in excess of US$1.0 million during the six month period beginning June 22, 2020, or if there is a change of control of Ascendant, they will have to pre-pay the remaining amount to be paid of the amended Option payment.
Original Agreement
On 2 August 2018, the Company announced the details of an Option Earn-in agreement, the details are as follows:
1) In the first part of the transaction Ascendant acquired an initial effective 25% interest for an upfront payment of US$2.45 million composed of US$800,000 in cash (US$400,000 on closing of the transaction and US$400,000 on July 15, 2018) and US$1.65 million in Ascendant shares.
2) The second part of the Agreement is an Earn-in Option which has a minimum total value, if fully exercised, of US$15.0 million. Earn-in transaction terms are as follows:
a) Ascendant has the right to earn a further effective 25% interest via staged payments and funding obligations as outlined below:
(1) Investing a minimum of US$9.0 million directly in the operating company, Redcorp within 48 months of the closing date, to fund exploration drilling, metallurgical test work, economic studies and other customary activities for exploration and development, and
(2) Making payments totaling US$3.5 million to TH Crestgate (M&FI) according to the following schedule or earlier:
I. 6 months after the closing date: US$0.25 million II. 12 months after the closing date: US$0.25 million III. 18 months after the closing date: US$0.5 million IV. 24 months after the closing date: US$0.5 million (this payment has been amended) V. 36 months after the closing date: US$1.0 million VI. 48 months after the closing date: US$1.0 million
b) Ascendant then has the option to earn an additional 30%, totaling an 80% interest in Redcorp, the operating subsidiary, by completing a Feasibility study within 54 months (i.e. 30 months from June 22, 2020) and making a further payment of US$2.5 million to TH Crestgate (M&FI).
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247 Katy Mitchell and Matt Chan, WH Ireland Limited +44 207 220 1666
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
ABOUT MINERAL AND FINANCIAL INVESTMENTS LIMITED:
Mineral and Financial Investments Limited is a Cayman Island based investment company quoted on AIM, a market of the London Stock Exchange. M&FI has 20 investments in the natural resource sector with the majority in the metals and minerals sector and has about 38% of its investment portfolio in precious metal investments. M&FI's Net Asset Value per share (NAVPS)is 15.11p, as of March 31, 2020 M&FI's NAVPS has risen at a Compound Annual Growth Rate (CAGR) of 31.2% since December 31, 2016.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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