Business
Placing, Subscription and Loan Conversion
Placing, Subscription and Loan Conversion.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n \n \n RNS Number : 9881M\n Arc Minerals Limited\n 15 May 2020\n \n \n \n \n 15 May 2020\n \n \n \n \n \n Arc Minerals Ltd\n \n \n ('Arc' or 'Arc Minerals' or the 'Company')\n \n \n Placing, Subscription and Loan Conversion\n \n \n \n \n \n Arc Minerals is pleased to announce that it has raised GBP 2.37 million before expenses through a placing of, and subscription for, in aggregate, 139,451,726 ordinary shares (\"Placing\") of no par value of Arc Minerals (\"Ordinary Shares\") at 1.7 pence per share (\"Placing Shares\"). The placing was led by Shard Capital Partners LLP (\"Shard\").\n \n \n The company will utilise the proceeds from the Placing to fund the drilling programme across the Zamsort and Zaco licences targeting exploration works over the anomalies that have been identified and for further technical studies on the Cheyeza East prospect, as well as for general working capital purposes.\n \n \n The Company also announces that the Convertible Loan Note (\"CLN\") Lenders (as announced on 31 December 2019) have notified the company that they are converting USD 1.5 million of the principal CLN debt plus accrued interest at 1.7 pence per share resulting in the issuance of 79,426,868 shares (\"Conversion Shares\") to the CLN Lenders (\"CLN Conversion\"). Following the conversion, the balance of the principal CLN debt under the facility will be USD 200k.\n \n \n As part of the Placing and CLN Conversion, every two Ordinary Shares will have one attaching warrant with an exercise period of 2 years from the date of Admission and will be exercisable at a price of 3 pence per Ordinary Share.\n \n \n In consideration for services rendered in connection with the Placing and for conversion of the CLN, the Company has also agreed to grant at the date of Admission warrants over a total of 6,638,793 Ordinary Shares to Shard (\"Broker Warrants\") and certain CLN Lenders (\"CLN Warrants\"). The 873,906 Broker Warrants will have an exercise period of 2 years from the date of grant and are exercisable at a price of 3 pence per Ordinary Share, and the 5,764,887 CLN Warrants will have an exercise period of 4 years from the date of grant and are exercisable at a price of 4.5 pence per Ordinary Share.\n \n \n The Company further announces that, under the Drill for Equity Programme as first announced on 29 July 2019, ...