Assets 327 Jan 2018 19:21
STEELMIN Limited - Initial FeSi Production Targeted for Q1 2018 and finance agreement FerroSiliconHttps://www.**********.co.uk/rns/announcement/26102011/?source=twitter
Steelmin Loan - Red Rock is borrowing $4,230,750 from a group of Investors in a 12 month secured promissory note ( Loan note to Steelmin is �3,874,560 ).
20/09/2017 - Red Rock has now made its first repayment of $507,156 to the Investors.
**** 18/01/2018 - Red Rock Resources Plc, on 23 June and 3 July 2017, Steelmin Limited, a company Red Rock financed so that it could complete the refurbishment and recommissioning of a ferro-silicon smelter in Jajce, Bosnia, has signed a Structuring and Placing Agreement with a Luxembourg investment vehicle under which Steelmin intends to repay in full the loan amounts outstanding to Red Rock. The Agreement provides for a new Steelmin note to be placed with investing funds on a best efforts basis with a target issuance date of end January 2018. The Note proceeds would be used primarily for repayment in full of the Red Rock Loan, with some used for plant completion.
**** Following Loan repayment Red Rock would be left with a diluted 21% of the share capital of Steelmin, which would increase to 22% on 1 February 2018 should the Loan not be repaid by that time.
**** On the basis that the Agreement, which is subject to some rights of withdrawal by the lender, completes, and on the basis of current exchange rates, we would be left with a net positive balance of some GB�1.8m on the back to back facility after repayment of all amounts due to and from Red Rock. We would also have a 21-22% shareholding in Steelmin. Seven months after the initial investment by us in Steelmin, this would be a positive outcome.
https://uk.advfn.com/stock-market/london/red-rock-RRR/share-news/Red-Rock-Resources-plc-Update-on-Steelmin/76497070
Https://polaris.brighterir.com/public/red_rock_resources/news/rns/story/xzoyo7r
Website Http://www.steelmin.com