Business
Convertable Loan Note
Convertable Loan Note.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n Vane Minerals PLC\n21 September 2007\n\n21st September 2007\n\n\n\n VANE Minerals Plc (AIM: VML)\n\n Convertible Loan Note\n\n\n\nVane Minerals Plc ('VANE' or 'the Company') is pleased to announce that on 19th\nSeptember it agreed in principle to issue to City Natural Resources High Yield\nTrust a £500,000 convertible loan note with an 8% coupon convertible at 24.37p\nper share, representing a 30% premium to the then mid market share price of\n18.75p.\n\nThese funds will be used to continue the aggressive drilling programme on the\nCompany's uranium assets which is targeted towards both the Breccia Pipes and\nUtah projects. The Convertible is subject to completion of legal documentation\nand Board approval, which is expected to be finalised within 7 working days.\n\nMatthew Idiens, Director of Corporate Development, commented, 'We are encouraged\nthat City Natural Resources is able to show this level of support and confidence\nin the Company and its assets. The funds will enable us to prove up our uranium\nprojects in the US and further strengthen our portfolio'.\n\n\n\n\nEnquiries:\n\n\n VANE Minerals Plc Ambrian Partners Limited Parkgreen Communications\n Matthew Idiens Richard Brown Laura Llewelyn / Beth Harris\n +44 (0) 20 7667 6322 +44 (0) 20 7776 6417 +44 (0) 20 7851 7480\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]