Business
Up to £622,000 Investment by way of Convertibles
Up to £622,000 Investment by way of Convertibles.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9765T Tertiary Minerals PLC 20 November 2019 \n\n \n 20 November 2019\n \n \nTertiary Minerals plc (\"Tertiary Minerals plc\" or the \"Company\")\n \nTertiary Minerals plc Secures up to £622,000 Investment by way of Convertible Securities\n \nHighlights:\nØ Up to a nominal amount of £653,000 in zero coupon convertible securities allows Tertiary Minerals plc to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster Polymetallic Projects in Nevada and for general working capital purposes. \nØ Funding provided by U.S. based fund, Bergen Global Opportunity Fund, LP, an institutional investor.\nØ Staged funding potentially minimises dilution to existing shareholders.\nThe Company announces that it has entered into a convertible securities issuance deed (the \"Agreement\") with Bergen Global Opportunity Fund, LP (the \"Investor\"), a U.S. based institutional investment fund, in connection with an issuance by the Company of zero coupon convertible securities having a nominal amount of up to £653,000 (the \"Convertible Securities\").\nThe Convertible Securities will (subject to satisfaction of certain conditions) be issued in tranches and the Company will make an announcement of the issue of each Convertible Security. The initial Convertible Security will have the purchase price of £232,000 and the nominal value of £263,000 and will be issued shortly. Any subsequent Convertible Securities will be issued at a time agreed between the Company and Investor and will be purchased at their nominal value. The aggregate nominal value of any subsequent Convertible Securities issued will be determined by mutual consent of the Company and Investor but will not exceed £390,000.\nEach of the Convertible Securities will have ...