Business
Convertible Loan and Trading Update
Convertible Loan and Trading Update.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n \nRNS Number : 4737B Aurum Mining PLC 17 June 2016 \n\n \n17 June 2016\n \nAURUM MINING PLC\n(\"Aurum\" or the \"Company\")\n \nConvertible loan \nTrading update\n \nAurum Mining plc (AIM: AUR), the Spanish focused gold and tungsten explorer, announces that it has raised £100,000 through a convertible loan (the \"Loan\"). The Loan is unsecured, accrues no interest and is not repayable. The Loan will be converted at the price at which equity is next issued. If it is so converted, the loan providers are also entitled to a warrant for every share they receive. Each warrant would be exercisable at 2 pence per share. \n \nThe Loan will be used to provide on-going working capital for the Company.\n \nDavid Williams, Chairman of Aurum, is providing £50,000 of the convertible loan finance. His participation in the Loan constitutes a related party transaction in accordance with AIM Rule 13. The Independent Directors, being the Directors other than David Williams, having consulted with the Company's nominated adviser WH Ireland, consider the terms of the loan transaction with David Williams to be fair and reasonable insofar as its shareholders are concerned. Mr. Williams has a beneficial interest of 29.14% of the current issued share capital of the Company.\n \nThere was no significant change in the Company's trading in the second half of the year ended 31 March 2016. Results for the year are expected to be announced in the second half of August.\n \n \n \n\n\n\n\nContacts:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAurum Mining plc\n\n\nwww.aurummining.net\n\n\n\n\nSean Finlay\n\n\n+44 (0) 20 7499 4000\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\nNominated Adviser & Broker\n\n\n\n\nMike Coe, Ed Allsopp\n\n\n+44 (0) 117 945 3470\n\n\n\n\n\n\n\n\n\n\n\n\n \nNotes to Editors:\n \nAurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.\n \nGold \nThrough its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 56.5% interest in the Pino de Oro project in Zamora Province and a 51.4% interest in the Peralonso and Cabeza projects in Salamanca Province. \n \nTungsten \nAurum's 20% owned Morille Tungsten project is located approxim...