Business
Convertible Loan Agreement Signed
Convertible Loan Agreement Signed.
About this update from Beowulf Mining Plc
[{"type":"text","content":"\n \n BEOWULF MINING PLC \n\nISSUE OF UNSECURED CONVERTIBLE LOAN\n\n27 July 2007\n\nThe directors of Beowulf Mining PLC (\"Beowulf\" or \"the Company\") the AIM listed\n<AIM: BEM> copper, gold and uranium explorer, are pleased to announce that they\nhave signed a convertible loan agreement with Starvest Plc.\n\nThe loan is for £250,000, bears interest at 4% per annum, and is convertible in\nto new ordinary shares of Beowulf at 4p per share at any time prior to 31 July\n2012 at the option of Starvest Plc.\n\nStarvest Plc are an AIM-traded company and constitute a related-party to\nBeowulf since they are a major shareholder in Beowulf and Mr A C R Scutt is a\ndirector of both companies.\n\nBecause the above agreement constitutes a related party transaction for the\npurposes of the AIM Rules, the Independent Director's of Beowulf - Dr Robert\nYoung, Ed Taylor and Jan-Ola Larsson consider, having consulted with the\nCompany's Nominated Adviser, Ruegg & Co Limited, that the terms of the\nagreement are fair and reasonable insofar as the Company's shareholders were\nconcerned.\n\nCommenting on the loan provision, Dr. Robert Young, Chairman of Beowulf stated\n\"The new funds will allow us to expand our exploration projects in Northern\nSweden this year, especially the Ruoutevare iron ore project\".\n\nFor further information contact:\n\nDr Robert Young, Beowulf Mining plc Tel. +44 (0) 1353 649 701\n\nMr Gavin Burnell, Ruegg & Co Limited Tel. +44 (0) 207 584 3663\n\nMr Gary Middleton, St. Swithins PR Tel. +44 (0) 207 929 4391\n\nMr Nick Bealer, King & Shaxson Tel. +44 (0) 207 426 5986\n\nMr Charles Dampney, City Capital Securities Ltd Tel: +44 (0) 207 822 7107\n\n\n\n \n ","length":1773,"tagName":"div"}]