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.
The loan has a conversion price of 40 pence per new shares, with a 12% per annum rate of interest.
Proceeds from the note will go towards financing future acquisition opportunities, that will enhance Bens Creek's existing metallurgical coal reserves.
"We are very pleased to put in place a further, unsecured convertible loan facility with such a reputable institutional partner. This funding will provide us with the financial strength to make focussed added value acquisitions," says Chief Executive Officer Adam Wilson.
Current stock price: 52.00 pence, up 8.3% on Friday
12-month change: up from 10.50p on October 19
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bens Creek (BEN)