Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Enters into unsecured loan note agreement with ACAM LP for a total subscription of USD7.6 million of loan notes, for the now cancelled USD6.0 million of convertible loan notes issued to ACAM on December 14. Loan notes have a term of 18 months, and are not convertible into company shares. Bens Creek issues ACAM with a total of 21.1 million warrants to subscribe for shares in Bens Creek exercisable at 28 pence per share. Warrants have a life of 5 years from issue date.
ACAM LP is a natural resources focused limited partnership, advised by S&F Investment Advisors Ltd.
Chief Executive Officer Adam Wilson said: "The provision of early support by ACAM was instrumental in allowing the company to enhance its earthmoving fleet and to substantially complete the initial necessary bench construction to support our high wall miner."
Current trading price: 12.18 pence, up 0.6%
12-month change: down 66%
By Will Neill, Alliance News reporter
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Bens Creek (BEN)