Baobab Resources PLC Bridging Finance Facility (2229W)
05 November 2014 - 11:01PM
UK Regulatory
TIDMBAO
RNS Number : 2229W
Baobab Resources PLC
05 November 2014
5 November 2014
Baobab Resources Plc
("Baobab" or the "Company")
Bridging Finance Facility
Baobab Resources Plc is pleased to announce that it has agreed a
US$1.0 million unsecured and interest free bridging finance
facility (the "Loan") with African Minerals Exploration &
Development Fund Sicar SCA ("Amed"). The proceeds of the Loan will
be utilised by the Company as additional working capital and for
general corporate purposes.
The Loan is repayable on 1 September 2015 and there are no
penalties for early repayment. Amed has the right to call for the
full repayment of the Loan at any time after 19 December 2014 with
ten business days written notice to such effect if it, in its sole
discretion, considers the financial position of the Borrower to be
such that the Loan could be repaid in full. In the event the
Company fails to repay in full on the due or requested date, a
Notice of Default may be issued by Amed, upon which the whole
amount of the loan plus interest at the rate of five per cent per
annum from the Notice of Default will become payable.
The Subscription is deemed to be a related party transaction
under the AIM Rules for Companies. The independent directors of the
Company consider, having consulted with its nominated adviser
Canaccord Genuity Limited, that the terms of the proposed
transaction are fair and reasonable insofar as its shareholders are
concerned.
ENQUIRIES
Baobab Resources
+258 21 486
Ben James: Managing Director 404
Jeremy Dowler: Chairman +44 1372 450529
+258 21 486
Frank Eagar: Finance Director 404
Canaccord Genuity
NOMAD and Broker
Neil Elliot / Chris Fincken Tel: +44 20
7523 8000
Tavistock
Financial Public Relations
+44 207 920
Emily Fenton / Nuala Gallagher 3150
ABOUT BAOBAB RESOURCES PLC
Baobab Resources is an exploration and development company
focused on the Tete pig iron and ferro-vanadium project in
Mozambique, in which the International Finance Corporation holds a
15% participatory interest. The Company has been listed on the AIM
of the London Stock Exchange (ticker BAO) since 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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