Business
Conversion of Loan Note
Conversion of Loan Note.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 5124V Rare Earth Minerals PLC 31 January 2017 \n\nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nConversion of Loan Note\n \nRare Earth Minerals (AIM/ISDX: REM; OTC: REMMY) has received notification of the conversion US$200,000 of its US$15 million convertible loan have been converted into 24,529,629 new ordinary shares in the Company at a price of 0.65 pence per share.\nAfter this exercise, the outstanding balance of the convertible loan is US$12.95 million. The convertible loan has an interest rate of 5%, and the principal is convertible at 0.65 pence which represent a premium of 5 % over the closing price on 8 August 2016, the day before the loan note was announced.\nApplication will be made to the London Stock Exchange to admit the 24,529,629 new ordinary shares to trading on AIM. Admission of the new ordinary shares is expected to occur on or around 3 February 2017. The new ordinary shares will be admitted to trading on ISDX simultaneously with the admission to AIM. The new ordinary shares will rank pari passu with the existing ordinary shares.\nFor the purpose of the Disclosure and Transparency Rules, following the issue of shares detailed above the enlarged issued share capital of the Company will comprise 7,777,690,338 ordinary shares with no Ordinary Shares held in treasury. Therefore the above figure of 7,777,690,338 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Rare Earth Minerals under the FCA's Disclosure and Transparency Rules.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n- Ends -\n\n\n\n\nFor further information, please contact\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRare Earth Minerals plc\n\n\n+44 (0) 207 440 0647\n\n\n\n\nAndrew Suckling\n\n\n\n\n\n\n\nKiran Morzaria\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited (NOMAD & Broker)\n\n\n+44 (0) 207 220 1666\n\n\n\n\nJames Joyce\n\n\n\n\n\n\n\nJames Bavister\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSquare1 Consulting\n\n\n+44 (0) 207 929 5599\n\n\n\n\nDavid Bick\n\n\n\n\n\n\n\n \nAbout Rare Earth Minerals:\nRare Earth Minerals invests across the glob...