Business
Settlement of Convertible Loan Facility
Settlement of Convertible Loan Facility.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6401I GCM Resources PLC 20 June 2017 \n\n20th June 2017\n \nGCM Resources plc\n(\"GCM\" or the \"Company\")\n(AIM:GCM) \n \nSettlement of Convertible Loan Facility \n \nGCM Resources plc (\"GCM\" or the \"Company\"), a London based resource exploration and development company, is pleased to announce that it has concluded an agreement to fully settle its obligations under the convertible loan facility agreement signed on 29 May 2015 (\"Facility\"). \n \nAgreement has been reached to extinguish the Company's obligations to repay the outstanding balance of £1,118,546 by the issuance of 10,501,932 ordinary shares in the Company, including shares issued in lieu of agreed fees as part of settlement. The effective average issue price is 10.65 pence per share. Of the 10,501,932 shares to be issued, 8,284,540 shares will be subject to a lock up of six months and 2,217,392 shares for twelve months.\n \nThe Company shall issue and allot 4,636,363 ordinary shares to Revenue Anchor Sdn Bhd and 5,865,569 ordinary shares to Oriental Eagle Group Limited within ten working days to complete the settlement of the convertible loan facility. Application will be made for the new ordinary shares, which represent approximately 13.44% of the Company's existing issued ordinary share capital, to be admitted to trading on AIM and a further announcement will be made in due course. \n \nThe Executive Chairman of GCM, Datuk Michael Tang PJN, stated: \"After many months of negotiations we are pleased to complete the settlement of the convertible loan facility and thereby consolidate GCM's financial position.\"\n \n \n\n \nThis announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.\n\n \n\n \nFor further information:\n\n\n\n\n\nGCM Resources plc\nJames Hobson\nFinance Director \n +44 (0) 20 7290 1630\n \n\n\nBell Pottinger\nLorna Cobbett\n+44 (0) 20 3772 2500 \n \n \n\n\n\n\nZAI Corporate Finance Ltd\nNominated Adviser and Broker\nPeter Trevelyan-Clark, Tim Cofman\n+44 (0) 20 7060 2220\n\n\n\n\n\n\n\n \n\n\n\n\nGCM Resources plc\n\n\n\n\n\n\n\nTel: +44 (0) 20 7290 1630\n\n\n\n\n...