Bridging Loan Note and Grant of Warrants

RNS Number : 7113Z

Equatorial Mining & Exploration PLC

21 September 2015

 

Equatorial Mining & Exploration Plc (the "Company")

Bridging Loan Note and Grant of Warrants

Further to the announcement dated 7^th September 2015, the Company announces that it has entered into an agreement with a Darwin Strategic Limited for the provision of a Senior Unsecured Loan Note of up to £350,000 before fees and expenses. The outline terms of the loan note are as follows:

1.  Provided in two tranches of £110,000 immediately and £240,000 should the Company meet certain conditions as agreed with the Lender

2.   The grant of warrants over a total of 700,000,000 warrants at 0.1p per share with 220,000,000 granted to the Lender immediately,

3.    Remainder of warrants to be issued upon drawdown of second tranche of funding

4.   Half the warrants held by the lender to be cancelled upon redemption of the Loan Note by the Company.

5.    The warrants expire, if not exercised, by 2020. 

Net proceeds of the first drawdown are approximately £88,000 after legal expenses and commission.

The Loan Note provides the Company with sufficient working capital for the next 12 months.

21 September 2015

Enquiries:

Equatorial Mining & Exploration Plc: Nicholas Nelson, Executive Chairman	[e-mail]
ISDX Adviser and Broker Alexander David Securities James Dewhurst	[phone]
Financial PR and Investor Relations: Walbrook PR Ltd. Guy McDougall Nick Rome	[phone]

The Directors take responsibility for this announcement.

 

END

 

 

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