RE: Big Rewards to Come - Just days away now!2 Nov 2023 15:35
If anyone missed this from the September RNS, hidden away at the bottom...
In September 2023 the board approved the creation of a class of corporate copper bonds to a total authorised amount of $300 million, as a prelude to the anticipated closing of an initial tranche to raise up to $80 million (before expenses) for the development and construction of the Empire open pit mine, plus operational working capital. The bonds will pay a floating rate coupon subject to a minimum of 8.5% per annum and a maximum of 20%. The floating rate coupon will be calculated as to the higher of a copper price coupon linked to the copper price on the London Metal Exchange, or an interest rate coupon linked to the US Federal Discount Rate. The bonds will be secured on the Group's patented open pit mining claims, will be listed on The International Stock Exchange in the Channel Islands, and will have a ten-year life with bondholder option to request redemption at nominal value after six years and the Company's option to offer redemption at a 10% premium to nominal value after five years. M&G Trustee Company are acting as Security Trustee and Escrow Agent, and The Bank of New York Mellon ("BNYM") as Custodian and Transfer, Paying and Settlement Agent.
1. In the RNS
2. CFO has mentioned it's days away
3. Someone has found the unique registration number on the International Stock Exchange in the Channel Islands
By all accounts, looks alike a done deal. Just a waiting game for the official stamp of approval.
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