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When a company is submitting a request to download prearranged funds is it usual for them to not RNS that the requirements for said download of funds was met, seems to me it was news that was worthy to release and not just presume on it
seems like it would be safer to assume the opposite, can't remember the last time I saw a company not RNS as TR1 drawdown completion seen as it is price sensitive information
Not referring to RNS of drawdown completion but RNS stating requirements for drawdown had been met,there was 4 or 5 i think
The Company has arranged financing which it has prioritised for the Baita Plai Polymetallic Mine (“BPPM”) in Romania and the Chiadzwa Community Concession in Zimbabwe. The Company is in the process of drawing down on the first tranche of the Atlas Capital Markets facility ($7.1 million gross) and expects to receive funds shortly.
Out of interst did Atlas Capital finance BMN?
Jarv - yes
Atlas ain't stupid and funding from them is indeed not automatically bad. BMN did very well (incl. SP wise) with their loan from Atlas.
Pecten thanks there sp did very very well afterwards
Bid keeps creeping up team.
What are those trades transfers? 24mill cancelled?
Cross ramping and lying. GGP will never 10 bag in its life.
Daz: WTF? Don't be waylaid by ignorance.
Tranche 1 concerns BPPM, where we've been licensed to mine since October 2018.
Mean while back at the ranch the 2.5mill buyer keeps accumulating.
Daz: if Zim comes first, I'd have no problem with that. But no, tranche 1 IMO is in no way conditional on Zim progress.
As stated the Deed is subject to certain specific conditions which
include shareholder approval; the execution of an intercreditor and
standstill agreement with Mercuria; completion of due diligence relative
to each tranche; and over time completion of formalities on the Diamond
Concession following grant of mining licence; and thereafter specific
practical milestones on the development of the Diamond Concession up to
cold commissioning of the plant.
-- Subject to the Company fulfilling its obligations under the Deed, the
Deed has been structured to give the Company the ability to repay the
facility in cash with no conversion, on account of ongoing refinancing
discussions with the Swiss Bank and others. The Bonds have a
non-conversion period of six calendar months from the First Issuance Date
or, if Atlas so elects (the "Election"), 12 calendar months from the
Second Issuance Date (as explained below). In the event that the
Election is not made the Company may, during the non-conversion period,
prepay the Bonds together with accrued unpaid interest at their par value
or, if greater, at a premium reflecting the excess of the share price at
the time of prepayment over 0.24p.
-- At any time prior to the Second Issuance Date, Atlas may elect in respect
of the Bonds to be issued on the Second, Third and Fourth Issuance Dates
(the "Zimbabwe Bonds") that the non-conversion period in respect of the
Zimbabwe Bonds be extended to 12 months from the Second issuance Date.
Atlas has already given the Company their intent to make the Election.
Once the Election is made the Zimbabwe Bonds will be repayable at a price
equal to 200 per cent of the principal amount of the Bonds so redeemed
together with any accrued and unpaid interest (the "Premium Amount") at
any time up to the anniversary of the Second Issuance Date. If the
Zimbabwe Bonds are not repaid at the Premium Amount by the anniversary of
the Second Issuance Date then Atlas may thereafter exercise the
conversion rights in respect of the Zimbabwe Bonds. Further in the event
of the Election, provided the Company's targets are met the Company will
be able to avoid shareholder dilution by electing to settle the Premium
Amount from cashflow projected to be generated from the Diamond
Concession.
-- If a conversion right as explained below is exercised the Company can
elect to cash settle the conversion notice with the result that no
additional Ordinary Shares would be required to be issued.
Think cash is given after dd on each tranche and Tranch 1 is not for the Diamonds consession
The Directors believe the facility with Atlas offers full funding to
reach production at the Company's Baita Plai Polymetallic Mine in
Romania ("Baita Plai") and at the Chiadzwa Community Diamond concession
in Zimbabwe (the "Diamond Concession"), and subsequently to generate
positive cash flow for the Company. This facility does not affect the
Company's continuing process with the Swiss Bank or other funders, and
the Company's intention is to continue its efforts in securing a
long-term financing facility for Baita Plai and its other Romanian
assets.
Details of the Bonds:
-- The Bonds are issued at 90 per cent of their par value, bear a coupon of
five per cent per annum and have a maturity date of two years from the
date of each issuance providing net proceeds to Vast of up to $13.5
million.
-- The proceeds will be used for bringing Baita Plai and the Diamond
Concession into production, and also US$1 million in repayment to
Mercuria under an intercreditor agreement and up to US$1 million in
repayment of Sub-Sahara Goldia Investments.
-- The Bonds will be issued in four tranches in accordance with cashflow
requirements and subject to specific conditions precedent including and
not limited to the Company holding a General Meeting to grant authority
for the issue of sufficient share capital for securing the facility.
-- The amount of each tranche is as follows:
Tranche Par amount
------- ---------------------
First US$7,101,947 in Bonds
Second US$4,467,354 in Bonds
Third US$2,061,856 in Bonds
Fourth US$1,368,843 in Bonds
Jarv55: "Think cash is given after dd on each tranche and Tranch 1 is not for the Diamonds consession".
I agree. DD on every tranche. Tranches 2-4 are described as the "Zimbabwe bonds", with statements to say that tranche 1 is for Romania and tranches 2-4 based on diamond progress.