Business
Notice to Convert Unsecured Loan Note
Notice to Convert Unsecured Loan Note.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3774N Savannah Resources PLC 28 July 2014 \n \n\n \nSavannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining\n28 July 2014\nSavannah Resources Plc\nNotice to Convert Unsecured Loan Note\n \nSavannah Resources Plc (AIM: SAV) advises that its Unsecured Loan Note (\"Convertible Loan\") in Alecto Minerals Plc (\"Alecto\") has been converted into 30,434,783 ordinary shares in Alecto (\"Shares\").\n \nAs prescribed by the terms of the Convertible Loan entered into in October 2013 in relation to the disposal of AME West Africa Ltd to Alecto, the £350,000 Convertible Loan has been converted at a fixed rate of £0.0115 per ordinary Share. Additionally 1,610,959 Shares have been issued in satisfaction of the £18,500 interest earned on the Convertible Loan. \nFollowing the issue of the resulting 32,045,742 Shares, the Company's shareholding in Alecto will be 173,784,875 Shares acquired as follows:\n\n\n\n\nTransaction\n\n\nQuantity\n\n\n% of Alecto Issued Share Capital\n\n\n\n\nDivestment of AME West Africa Ltd / Kossanto Gold Project (£1,250,000) October 2013\n\n\n108,695,652\n\n\n13.2%\n\n\n\n\nUnsecured Loan Notes subscribed for in cash (£350,000) plus interest October 2013 / Converted July 2014\n\n\n32,045,742\n\n\n3.9%\n\n\n\n\nDivestment of NewMines Holdings Ltd / Karan / Diatissan Gold Projects (£250,000) March 2014\n\n\n20,000,000\n\n\n2.4%\n\n\n\n\nShares subscribed for in cash (£150,000) October 2013\n\n\n13,043,481\n\n\n1.6%\n\n\n\n\nTotal\n\n\n173,784,875\n\n\n21.1%\n\n\n\n\n \nThe new Shares issued are subject to an orderly market agreement until 4 October 2014. As previously announced the Shares issued in relation to the divestment of AME West Africa and New Mines Holdings Ltd are subject to a lock-in until 4 October 2014, followed by an orderly market agreement for a further 12 months.\n \n**ENDS**\n \n \nFor further information please visit www.savannahresources.com or contact:\n\n\n\n\nDavid Archer\n\n\nSavannah Resources plc\n\n\nTel: +44 20 7389 5019\n\n\n\n\nJames Biddle (Nominated Adviser)\nCharlie Cryer (Corporate Broking)\n\n\nRFC Ambrian Ltd\n\n\nTel: +44 20 3440 6800\n\n\n\n\nFelicity Edwards/ Charlotte Heap\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: +44 20 7236 1177\n\n\n\n\n \n \nNotes\nAbout Savannah\nSavannah Resources Plc (AIM: S...