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Azarga Metals Secures US$3.0-3.5M Investment from Client Funds of Baker Steel Capital Managers
HIGHLIGHTS: Internationally renowned specialist natural resources investment manage...
About this update from Azarga Metals Corp.
[{"type":"text","content":"Azarga Metals Secures US$3.0-3.5M Investment from Client Funds of Baker Steel Capital ManagersHIGHLIGHTS: Internationally renowned specialist natural resources investment management firm, Baker Steel Capital Managers LLP (BSCM) has agreed to invest US$3.0-3.5M of client funds into Azarga Metals via a convertible loan, convertible at C$0.14/share US$3.0M of the overall investment to come from BSCM managed fund, Baker Steel Resources Trust Ltd (BSRT) Azarga Metals to mainly use convertible loan proceeds to more than double drilling at its Unkur Copper-Silver Project and complete a pre-feasibility study Investment into Azarga Metals follows BSRT's highly successful monetization of its investment in Prognoz Silver Project, Far East Russia, at a multiple of its investment cost Additional US$1.7-2.0M of warrants to be issued to BSCM client funds with a strike price of C$0.17/share VANCOUVER, BC / ACCESSWIRE / February 14, 2019 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSX-V:AZR) is pleased to announce that it has executed a Binding Terms Sheet with Baker Steel Capital Managers LLP (\"BSCM\") acting on behalf of its discretionary client funds, principally Baker Steel Resources Trust Ltd. (\"BSRT\") (LSE:BSRT) setting out the proposed terms for an investment of a minimum of US$3.0 million, up to US$3.5 million in three tranches via a convertible loan with an 8.0% per annum interest rate and conversion price of C$0.14/share (\"Convertible Loan\"). As part of the transaction, Azarga Metals will issue between US$1.7 million and US$2.0 million of common stock warrants (depending on the final convertible loan size) with an exercise price of C$0.17/share (\"Warrants\"), which if fully exercised would increase BSCM clients' interest, to an overall investment into the Company of up to US$5.5 million. Azarga Metals intends to use the proceeds of the Convertible Loan to re-invigorate physical exploration at its Unkur Copper-Silver Project, with a view to more than doubling the cumulative linear meters of drilling.Chairman, Alex Molyneux commented, \"I'm excited our strategic process has resulted in a partnership with such a high-quality resources-experienced investor. Baker Steel Capital Managers, the manager of BSRT. BSCM has been around for 18-years, with a great reputation for picking early stage winners in the minerals spa...