Business
Issue of Debt
Issue of Debt.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6271J Rare Earth Minerals PLC 13 June 2014 \n \n\n \n13 June 2014 \n \nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nREM secures US$10 million debt facility to fund further acquisitions.\nRare Earth Minerals is today pleased to announce that it has secured a 3-year US$10 million debt facility with YA Global Master SPV Ltd (\"YAGM\"), with the first US$3 million being drawn down today. The first draw down carries a twelve-month repayment schedule at a fixed coupon of 10%. Any subsequent drawdowns would be on the same terms and subject to approval by YAGM.\nThis first draw down increases the Company's cash at bank and liquid investments to over US$15 million.\nDavid Lenigas, the Company's CEO, commented; \n\"As previously stated, REM has more than sufficient cash reserves to meet its expected financial commitments for the next 12 months in Mexico, Greenland and Australia. This new debt facility will significantly add strength to the Company's balance sheet and provide additional fire power to assist with further acquisitions.\"\n \n \n- Ends -\nFor further information please contact: \nRare Earth Minerals plc +44 (0) 207 440 0647\nDavid Lenigas\nKiran Morzaria\nWH Ireland Limited (NOMAD & Joint Broker) +44 (0) 207 220 1666 \nJames Joyce\nNick Field \nHume Capital plc (Joint Broker) +44 (0) 203 693 1470\nGuy Peters\nJon Belliss\nSquare1 Consulting\nDavid Bick, Mark Lon...