GCM Resources PLC Settlement of Convertible Loan Facility (6401I)
21 June 2017 - 12:50AM
UK Regulatory
TIDMGCM
RNS Number : 6401I
GCM Resources PLC
20 June 2017
20(th) June 2017
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Settlement of Convertible Loan Facility
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, is pleased to
announce that it has concluded an agreement to fully settle its
obligations under the convertible loan facility agreement signed on
29 May 2015 ("Facility").
Agreement has been reached to extinguish the Company's
obligations to repay the outstanding balance of GBP1,118,546 by the
issuance of 10,501,932 ordinary shares in the Company, including
shares issued in lieu of agreed fees as part of settlement. The
effective average issue price is 10.65 pence per share. Of the
10,501,932 shares to be issued, 8,284,540 shares will be subject to
a lock up of six months and 2,217,392 shares for twelve months.
The Company shall issue and allot 4,636,363 ordinary shares to
Revenue Anchor Sdn Bhd and 5,865,569 ordinary shares to Oriental
Eagle Group Limited within ten working days to complete the
settlement of the convertible loan facility. Application will be
made for the new ordinary shares, which represent approximately
13.44% of the Company's existing issued ordinary share capital, to
be admitted to trading on AIM and a further announcement will be
made in due course.
The Executive Chairman of GCM, Datuk Michael Tang PJN, stated:
"After many months of negotiations we are pleased to complete the
settlement of the convertible loan facility and thereby consolidate
GCM's financial position."
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information:
GCM Resources plc Bell Pottinger
James Hobson Lorna Cobbett
Finance Director +44 (0) 20 3772 2500
+44 (0) 20 7290 1630
ZAI Corporate Finance
Ltd
Nominated Adviser and
Broker
Peter Trevelyan-Clark,
Tim Cofman
+44 (0) 20 7060 2220
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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