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IN BRIEF: Bens Creek up on new USD7.5 million working capital facility

Wed, 06th Mar 2024 16:59

Bens Creek Group PLC - Owner and operator of coal mines across the US - Enters into an amended loan instrument and security agreement with Avani Resources Pte Ltd, a Singapore-based commodities trader, Bens Creek's largest shareholder with a 30% stake. Avani will provide Bens Creek with a working capital facility of USD7.5 million, alongside an additional USD2.5 million at its discretion. To date, Avani has advanced USD5.0 million to Bens Creek, USD4.3 million of which was advanced in February. Avani has also agreed to restructure its outstanding USD6.5 million loan note, issued by Bens Creek in July. Due for repayment in January 2025, the pair have agreed that the loan note shall now be a rolling loan note, remaining open until either its repayment or the event of a default.

Bens Creek Chief Executive Officer Adam Wilson says: "The additional working capital facility and the restructured loan note (which is now rolling and no longer repayable in January 2025) announced today, the offtake agreement announced last week and Chris Walker starting as the CEO of Bens Creek operations are all positives."

Current stock price: Closed up 23% at 4.62 pence per share in London on Wednesday

12-month change: down 76%

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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14 Mar 2022 11:26

Bens Creek jumps monthly coal supply deal and positive price outlook

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25 Feb 2022 20:12

TRADING UPDATES: Tintra faces sale delay; Seplat makes acquisition

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18 Feb 2022 19:39

IN BRIEF: Bens Creek issues USD6.0 million loan note to ACAM

Bens Creek Group PLC - London-based coal mine operator and owner with projects in North America - Agrees to issue second convertible loan note to ACAM LP, in order to raise USD6.0 million.

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18 Feb 2022 14:49

Bens Creek raises $6m to fund future acquisitions

(Sharecast News) - Metallurgical coal miner Bens Creek has agreed to issue a second convertible loan note to raise an additional $6m (£4.41m), it announced on Friday, to finance future acquisitions.

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31 Jan 2022 22:06

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18 Jan 2022 11:53

IN BRIEF: Bens Creek buys second highwall miner to "double" production

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17 Jan 2022 14:35

IN BRIEF: Bens Creek jumps as sale and delivery of coal commences

IN BRIEF: Bens Creek jumps as sale and delivery of coal commences

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17 Jan 2022 12:52

Bens Creek starts delivering metallurgical coal ahead of plan

(Sharecast News) - North America-focussed metallurgical coal miner Bens Creek Group announced on Monday that, following discussions with its offtake partner Integrity Coal Sales of New York, it had started the sale and delivery of metallurgical coal.

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10 Jan 2022 19:34

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10 Jan 2022 15:10

Bens Creek upbeat on results of coal analysis

(Sharecast News) - North American metallurgical coal miner Bens Creek announced the results of the initial quality analysis of its stock of metallurgical coal on Monday, following the start of production in December at its West Virginia site.

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