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
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Bens Creek (BEN)