Business
Issue of Debt
Issue of Debt.
About this update from Aterian Plc
[{"type":"text","content":"\n \n \n RNS Number : 7601G\n Eastinco Mining and Exploration PLC\n 19 March 2020\n \n \n \n \n DEBT FACILITY\n \n 19 March 2020\n \n London, England- Eastinco Mining & Exploration PLC (\"Eastinco\") (NEX:EM.P) the pan-African mining company announces that it has arranged to enter into a U.S. $200,000 working capital facility agreement (the \"Facility) with Augustin Corp. Augustin Corp. is a U.S. investment company owned by a trust benefitting family members of Charles Bray, the Executive Chairman of Eastinco; and as such, the transaction is considered a related party transaction. \n \n The Facility is secured against the physical assets of Eastinco Limited. The funds, if utilised, will be used for working capital purposes and to allow the Company to pursue its exploration of Huye and new investment targets. The Facility is provided for a term of up to 18 months and an interest rate equal to 6% above commercial lending rates.\n \n \n \n Executive Chairman, Charles Bray stated, \"This transaction will enable Eastinco to pursue new and valuable exploration licenses at an opportune time. I am pleased that my family can support the company at such a critical juncture.\"\n \n ______________________________________________ \n \n A LETTER TO SHAREHOLDERS\n \n Dear Shareholder,\n \n I write to update you as to the progress and certain key developments to be made over Q2 2020 of Eastinco Mining and Exploration PLC (\"Eastinco\") and to request your participation in a warrant conversion.\n \n Macro Environment\n \n Over the past several weeks the news has been dominated by the expansion of COVID-19 infections globally and the national responses to the growing pandemic. In China, the Purchasing Manager's Index (PMI) - dropped precipitously to 35.7 from 50 in January. Given China accounts for a third of world manufacturing and is the world's largest exporter, this PMI drop will have a significant global impact on production and supply chains. Further, the U.S has recently joined Europe and Iran as locales with dramatically increasing infection rates. Simultaneously, efforts by OPEC to shore up the oil price led to efforts to inflict pain the U.S. shale gas operators and a correspondingly dramatic drop in crude oil and gas prices. The mar...