Business
Variation to terms of Convert
Variation to terms of Convert.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n RNS Number : 5200T Electrum Resources PLC 29 September 2010 \n\n \n \n \n \nELECTRUM RESOURCES plc(\"Electrum Resources\", \"Electrum\" or the \"Company\")\n \n \nAIM: ECR\nUS OTC: MTGDY\n \n \nVariation to Terms of Convertible Loan Notes Approved\n \nLondon 29 September 2010 \n \nElectrum Resources plc, the diversified mineral and renewable energy development company, is pleased to announce that at today's extraordinary meeting of holders (\"Loan Note Holders\") of the unsecured convertible loan notes of a principal amount £2,565,000 (\"Loan Notes\") issued by the Company and constituted by a loan note instrument dated 17 October 2007 (\"Loan Note Instrument\"), approval was secured from Loan Note Holders by way of extraordinary resolutions to vary the terms of the Loan Note Instrument in accordance with the Company's announcement of 14 September 2010. \n \nThe key terms of the varied Loan Note Instrument are now as follows:\n \n- The Loan Notes are repayable on 17 October 2013, a 3-year extension to the previous repayment date;\n- Conversion of the Loan Notes at the election of Loan Note Holders may take place at 1.1 pence per share; and \n- The rate of interest carried by the Loan Notes is 10% per annum. \n \nThe Company retains the ability to:\n \n- Repay the Loan Notes early, subject to the right of Loan Note Holders to elect to receive repayment in shares at the conversion price of 1.1 pence per share; and\n- Purchase Loan Notes at any price and at any time by tender, private treaty or otherwise by agreement with the relevant Loan Note holder.\n \nPatrick Harford, Managing Director of Electrum Resources plc, comments:\n \n\"The approval of these new terms by Loan Note holders puts Electrum on a substantially improved financial footing for the continued development of its asset portfolio. This will enable the Company to achieve the maximum benefit from its projects.\" \n \nAbout Electrum\n \nElectrum Resources plc is a diversified mineral and renewable energy development company which specialises in identifying undervalued projects and structuring them to maximise their development and capital raising potenti...