Business
Loan Facilities Agreement
Loan Facilities Agreement.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \n \n RNS Number : 1162H\n Kazera Global PLC\n 23 March 2020\n \n \n \n \n 23 March 2020\n \n \n \n \n \n \n \n \n Kazera Global plc\n \n \n \n \n \n Loan Facilities Agreement\n \n \n \n \n \n Kazera Global plc (\"Kazera Global\" or \"the Company\"), the AIM quoted investment company who, through its stake in African Tantalum (Pty) Limited (\"Aftan\"), has an interest in the Tantalite Valley Mine (\"TVM \" or the \"Mine\") in Namibia, is pleased to announce that the Company has entered into definitive agreements with a consortium of investors (the \"Lenders\") and existing shareholders to raise, in aggregate, approximately £200,000 through short term unsecured loan facilities (\"Loan Facilities\"). \n \n \n \n \n \n It is intended that the proceeds from the Loan Facilities will be used for working capital purposes while the Company continues to engage with potential funders for the development of the Mine.\n \n \n \n \n \n Highlights of the Loan Facilities:\n \n \n · \n Total sum available under the Loan Facilities is £200,000;\n \n \n · \n The Loan Facilities will be disbursed in five separate tranches: £40,000 on 29 May 2020, £40,000 on 30 June 2020, £40,000 on 31 July 2020, £40,000 on 28 August 2020, £40,000 on 30 September 2020;\n \n \n · \n Participation of Kazera's Chairman, Giles Clarke and Non-Executive Director, Nick Harrison, in the Loan Facilities;\n \n \n · \n The Company has issued a total of 66,666,666 warrants to the Lenders to subscribe for ordinary shares in the Company at a subscription price of 0.3p per share (\"Subscription Price\"), pro rata to the amount of each loan (the \"Warrants\"). The repayment date under the Loan Facilities is 29 January 2021 (the \"Repayment Date\") at which time the Lenders may elect to receive the outstanding balance due under the Loan Facilities in cash or by the exercise of the Warrants at the Subscription Price; and\n \n \n · \n The Loan Facilities are subject to a fixed interest charge of £20,000, being 10 per cent. of the total sum available under the Loan Facilities, and the Lenders at their sole discretion may elect to receive the interest due in shares at the Subscription Price or in cash at the Repayment Date.\n \n \n The Board believes that the draw down on the Loan Facilities will provide the Company with sufficient cash reso...