Bens Creek Group PLC - Owner of a metallurgical coal mine in US state of West Virginia - Raises USD6.5 million through the issue of loan notes to shareholder Avani Resources Pte Ltd. Says loan notes have an 18-month term. Adds issue of loan notes to Avani is a related party transaction. Avani owns a 30% stake in Bens Creek. Bens Creek currently has an outstanding convertible loan note of around USD5.6 million with ACAM LP, issued in February, due for repayment by the end of summer. Proceeds of the issue of loan notes will be used to repay ACAM and for its general working capital requirements.
Chief Executive Officer Adam Wilson says: "We are extremely pleased with the commitment and support of our new shareholder, Avani. The provision of a further term non-convertible loan facility enables us to repay the current loan notes issued to ACAM, provides us with further working capital and ensures that we maintain a healthy financial position."
Current stock price: 11.51 pence, down 4.1% on Friday
12-month change: down 68%
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Bens Creek (BEN)