Rns14 Jan 2021 07:46
14 January 2021
Amur Minerals Corporation
("Amur" or "the Company")
Q4 2020 NRR Convertible Loan Note Payment Receipt
Amur Minerals Corporation ("Amur" or the "Company"), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to announce that on 4 January 2021, Amur received its Q4 2020 interest payment of US$164,768 based on the US$ 4.67 million Convertible Loan Note ("CLN") investment for the resumption of production at the Northern Territories, Australia Roper Bar Iron Ore Project (the "Project") operated by Nathan River Resources Pte Limited ("NRR").
Highlights:
· This payment is the first full quarter payment totaling US$ 164,768 for period of Q4 2020 ending 31 December 2020.
· The coupon for the US$ 4.67 million investment is 14% and is convertible to 13.43% of the current share capital in NRR. Conversion is scheduled for 25 August 2023.
· As at 31 December 2020, two vessels had been loaded and departed for China. The third shipment anticipated to depart from the Bing Bong port facility on 14 January 2021.
The NRR Roper Bar Investment
Amur's interest in NRR is held through its wholly owned subsidiary, Carlo Holdings Limited ("CHL"). The purchase value of the CLN's was US$ 4.67 million and is convertible to 13.43% of the share capital of NRR, a privately owned company.
The CLNs are convertible at the holder's option at any time from issue until 15 days prior to their maturity date on 25 August 2023. Amur's CLNs may be converted into 13.43 % of the current issued share capital of NRR. Any CLNs not converted by the third anniversary of issue will be redeemable at par. CLNs may be redeemed early by NRR at any time but in such circumstances the relevant holder is entitled to be issued with a warrant giving it subscription rights over shares in NRR equivalent to the conversion rights attaching to the CLNs and a penalty payment equal to all of the unpaid but due coupons to maturity. Glencore is also a holder of CLNs which are convertible into the equity of NRR.
The CLNs provide security over the issued share capital of NRR Group Pty Ltd and its subsidiary's interest in the mineral leases and mineral exploration licenses owned by it in connection with the Roper Bar Project once CHL / Amur receive Foreign Investment Review Board ("FIRB") confirmation that there is no objection to grant such security. This remains to be completed and Mr. Adam Habib, President of Amur and a member of the NRR board of directors will notify the Company when complete.
The Roper Bar Iron Ore Project
The Roper Bar Iron Ore Project was acquired by NRR in 2017 and is situated in the Northern Territory of Australia. Mining operations resumed in October 2020 wherein ores could be shipped without the need for significant processing, referred to as Direct Shipping Ore ("DSO"). An offtake agreement exists
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