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Bens Creek draws additional working capital from largest shareholder

Tue, 26th Mar 2024 13:39

(Alliance News) - Bens Creek Group PLC announced on Tuesday that it has drawn additional financing to cover the requirements of its North American mining projects.

The London-based miner said it drew a further USD1.3 million under its working capital facility with its largest shareholder, Avani Resources Pte Ltd.

Following this, the full USD10 million outlined in the agreement with the Singapore-based commodities trader has been drawn by the company ahead of coal deliveries to Avani in April 2024.

Shares in Bens Creek were down 15% to 1.70 pence in London on Tuesday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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7 Jun 2024 16:06

IN BRIEF: Bens Creek elects to liquidate the company

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Elects to liquidate the company. This follows a board meeting and subsequent discussions with its advisers. Appoints Hill Dickinson for the process, and will commence immediate proceedings. Expects shortly to make an application to the courts. Under the circumstances cancels the previously announced general meeting which was to be held on Monday.

21 May 2024 21:50

TRADING UPDATES: CVS sells Dutch and Irish loss-making businesses

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

16 May 2024 20:09

TRADING UPDATES: Bens Creek considers administration; Nexxen inks deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

13 May 2024 16:39

TRADING UPDATES: Adnams toasts first quarter sales; t42 wins deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

10 May 2024 16:39

EARNINGS AND TRADING: Asiamet Resources declares special dividend

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

10 May 2024 16:39

EARNINGS AND TRADING: Asiamet Resources declares special dividend

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3 May 2024 13:39

TRADING UPDATES: Kelso raises stake in NCC; Transense joins project

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

23 Apr 2024 17:38

IN BRIEF: Bens Creek makes further Chapter 11 filings in US

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Makes further Chapter 11 filings with US bankruptcy court, adding that US companies have entered into a term sheet for debtor-in-possession financing facility. Says that Avani, its largest shareholder, has filed a DIP term sheet with the Court for up to USD14.5 million. The Avani facility term sheet is now binding on Avani, but is not binding on the Chapter 11 companies until the court binds the Chapter 11 firms. A court hearing to consider the Avani facility is now expected at the end of April.

12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

12 Apr 2024 14:25

Bens Creek shares fall as it moves mine into care and maintenance

(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

12 Apr 2024 10:04

Latest Share Chat

BEN.L Share News (BEN)

Bens Creek draws additional working capital from largest shareholder

IN BRIEF: Bens Creek elects to liquidate the company

TRADING UPDATES: CVS sells Dutch and Irish loss-making businesses

TRADING UPDATES: Bens Creek considers administration; Nexxen inks deal

TRADING UPDATES: Adnams toasts first quarter sales; t42 wins deal

EARNINGS AND TRADING: Asiamet Resources declares special dividend

EARNINGS AND TRADING: Asiamet Resources declares special dividend

TRADING UPDATES: Kelso raises stake in NCC; Transense joins project

IN BRIEF: Bens Creek makes further Chapter 11 filings in US

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

Bens Creek shares fall as it moves mine into care and maintenance

AIM WINNERS & LOSERS: Bens Creek falls as it lays off workers

Bens Creek shares plunge amid round of lay-offs in West Virginia

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

Bens Creek inks coal sale deal amid cash flow strains

Bens Creek down as struggling company inks additional Avani coal order

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