Atalaya Mining Regulatory News (ATYM)

11 Jun 2009 10:30



AIM: EMED 11 June 2009

FINANCE FACILITY UPDATE

EMED Mining Public Limited (the "Company"), the AIM quoted mining exploration and development company, wishes to announce the following update in respect of its facilities with YA Global Investments Limited ("YA") of New Jersey, USA:

The Company has issued 3,724,709 ordinary shares at an issue price of 4.13p to YA as part-repayment of loan of US$250,000 which leaves the residual balance of $2,700,000 (£1,600,000) of the convertible loan that the Company has had in place with YA since 2007; 

The total number of ordinary shares to be issued over the remainder of the next 7 months will be approximately 40 million by way of fortnightly instalments based on an exchange rate of $1.00:£0.62. This number of shares represents the equivalent of approximately 8% of fully-diluted capital. The outstanding balance will then have been repaid in full; 

YA currently holds less than 3% of the Company's issued capital and, as part of the long-established arrangement, consistently on-sells shares received in EMED Mining to retail investors by way of small transactions. This is also part of the Company's planned investor relations activities to broaden the shareholder base in North America as well as in the UK. Current trading volume on AIM in the Company's shares averages approximately 5 million shares per week. The Company's shares are also traded in Frankfurt;

For good order the Company's shareholder-presentations, which refer to fully-diluted statistics, take into account the repayment of the convertible loan with YA by issuance of shares at 4.13p;

Upon repayment of this facility by January 2010, the £10 million standby SEDA Facility becomes available for use by the Company. The Company reserves the right to prepay the facility in cash at its sole discretion; 

The Company has been reporting these repayments with each instalment since repayment-conversions began in January 2009 and will now desist from reporting each and every repayment instalment. But for good order the Company will always report the current financial position as required in its financial statements and also include updates and reconciliations in its Quarterly Reports. 

For further details please refer to the Company's website - http://www.emed-mining.com/

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