LONDON (Alliance News) - Amur Minerals Corp on Friday announced it has amended terms of a convertible loan to allow it to keep working on its flagship project.
Amur currently has a USD10 million maximum convertible loan with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd.
This, Amur said, has now had its maturity extended to March 2020.
Amur has drawn USD1.2 million of the loan, and it will also immediately drawn down a further USD500,000.
As part of the extension of the maturity date, Amur has issued 10.9 million warrants to the two investors at an exercise price of 3.76 pence per share, 25% higher than its closing price on Thursday. They are exercisable for three years.
Amur shares were 5.5% lower on Friday at 2.85p a share.
The proceeds will go towards Amur's Kun-Manie project in the Russian Far East, updating the resource estimate and progressing the pre-feasibility study.
Chief Executive Robin Young said: "The convertible loan has allowed Amur to complete its pre-feasibility study, which was a major milestone for the company, as well as undertake a significant drill programme, carried out in the 2018 drilling season.
"This drill programme produced significant results, including the potential to materially increase the company's resources and reserve inventory. Expansion of the resource and reserve will enhance the reported pre-feasibility study results through an expansion of the mine life and optimisation of the production schedule."
Amur Minerals (AMC)