Business
Initial partial draw down of US$5 million conve...
Initial partial draw down of US$5 million conve....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Initial partial draw down of US$5 million convertible loan facility For immediate release6 January 2016Serabi Gold Plc(\"Serabi\" or the \"Company\")Initial partial draw down of US$5 million convertible loan facilitySerabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, announces that further to the news release issued on 31 December 2015, the Company has made an initial draw down of US$2 million of the interim unsecured short term working capital convertible loan facility of US$5 million (\"the Loan\") that has been provided by Fratelli Investments Limited (\"Fratelli Investments\"), the Company's major shareholder.Interest on the Loan is chargeable at the rate of 12% per annum. The first US$2 million of the Loan is convertible at the election of Fratelli Investments into new Serabi Ordinary Shares at an exercise price of 3.6 pence per new Serabi Ordinary Share at any time. The remaining amount of the Loan, if drawdown, may be repaid by the Company at its option at any time on or before 30 June 2016. Thereafter, Fratelli Investments will have the right to convert all or part of the remaining amount of the Loan into new Serabi Ordinary Shares at an exercise price of 3.6 pence per new Serabi Ordinary Share at any time. Unless otherwise repaid or converted the Loan is for a period expiring on 31 January 2017.Enquiries:Serabi Gold plc Michael HodgsonTel: +44 (0)20 7246 6830Chief ExecutiveMobile: +44 (0)7799 473621 Clive LineTel: +44 (0)20 7246 6830Finance DirectorMobile: +44 (0)7710 151692 Email: [email protected] Website: www.serabigold.com Beaumont Cornish LimitedNominated Adviser Roland CornishTel: +44 (0)20 7628 3396Michael CornishTel: +44 (0)20 7628 3396 Peel Hunt LLPUK Broker Matthew ArmittTel: +44 (0)20 7418 9000Ross AllisterTel: +44 (0)20 7418 9000 Blytheweigh Public Relations Tim BlytheTel: +44 (0)20 7138 3204Camilla HorsfallTel: +44 (0)20 7138 3224Copies of this release are available from the Company's website at www.serabigold.com.Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.Qualified Persons StatementThe scientific and technical information contained withi...