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Baobab Resources Plc is pleased to announce that it has agreed a US$1.0 million unsecured and interest free bridging finance facility (the "Loan") with African Minerals Exploration & Development Fund Sicar SCA ("Amed"). The proceeds of the Loan will be utilised by the Company as additional working capital and for general corporate purposes.
The Loan is repayable on 1 September 2015 and there are no penalties for early repayment. Amed has the right to call for the full repayment of the Loan at any time after 19 December 2014 with ten business days written notice to such effect if it, in its sole discretion, considers the financial position of the Borrower to be such that the Loan could be repaid in full. In the event the Company fails to repay in full on the due or requested date, a Notice of Default may be issued by Amed, upon which the whole amount of the loan plus interest at the rate of five per cent per annum from the Notice of Default will become payable.
The Subscription is deemed to be a related party transaction under the AIM Rules for Companies. The independent directors of the Company consider, having consulted with its nominated adviser Canaccord Genuity Limited, that the terms of the proposed transaction are fair and reasonable insofar
Ben James: Managing Director+258 21 486 404Jeremy Dowler: Chairman+44 1372 450529Frank Eagar: Finance Director
Canaccord Genuity Limited Neil Elliot Chris Fincken
+44 207 523 8308
Tavistock +44 207 920 3150 Financial Public Relations
Emily Fenton / Nuala Gallagher
participatory interest. The Company has been listed on the AIM of the London Stock Exchange (ticker BAO) since 2007.
AIM ANNOUNCEMENT | 5 NOVEMBER 2014 Page 1 of 1
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Baobab Resources Plc
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EXPLORATION STAGE |
CODE : BAO.L |
ISIN : GB00B19HQ991 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Baobab Resources is a exploration company based in Australia. Baobab Resources holds various exploration projects in Mozambique. Its main exploration properties are CHANGARA in Zimbabwe and TETE, MONTE MUANDE and MUANDE in Mozambique. Baobab Resources is listed in United Kingdom. Its market capitalisation is GBX 855.9 millions as of today (US$ 1.3 billions, € 1.2 billions). Its stock quote reached its lowest recent point on December 19, 2008 at GBX 1.00, and its highest recent level on September 10, 2010 at GBX 9.95. Baobab Resources has 342 340 000 shares outstanding. |