Loan Agreement
21 May 2008 - 4:00PM
UK Regulatory
RNS Number : 9254U
Angus & Ross PLC
21 May 2008
21 May 2008
ANGUS & ROSS PLC
("A&R" or "the Company")
AIM: AGU.L
SHORT TERM LOAN FROM CYRUS CAPITAL PARTNERS LP
TO PROVIDE INTERIM FUNDING OF SECURITY BOND TO SUPPORT ISSUE OF MINING LICENCE FOR THE BLACK ANGEL MINE IN GREENLAND
A&R announces that it is borrowing $1,650,000 from Cyrus Capital Partners LP (Cyrus). The loan, which is repayable in three months,
will bear interest at 14% per annum and is subject to an arrangement fee of $150,000.
Cyrus holds 37.5 million warrants at an exercise price of 20p, with an expiry date of 10th July 2010 and is therefore considered to be a
related party.
The money will be held in escrow in a deposit account as security for the mine closure bond, which has to be in place before the mining
licence can be issued.
Having consulted with the Company's Nominated Adviser, the directors consider that the terms of the transaction are fair and reasonable
insofar as shareholders are concerned.
Enquiries:
Angus & Ross plc
Robin Andrews, Chairman 01751 430 988
Nicholas Hall, Chief Executive 07931 709 053
Fox-Davies Capital 0207 936 5200
Daniel Fox-Davies
Richard Hail
Bishopsgate Communications Limited
Nick Rome
0207 562 3366
Landsbanki Securities (UK) Limited
Jeff Keating
Fred Walsh
0207 426 9000
This information is provided by RNS
The company news service from the London Stock Exchange
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