Last checked at 26 Mar 2024 11:30
26 March 2024
Bens Creek Group plc ("Bens Creek" or the "Company")
Further drawdown of Working Capital Facility
Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, announces that, further to its notifications released on 19 March 2024 and 6 March 2024, it has drawn down a further $1.25 million (the "Drawdown") under the working capital facility in place with Avani Resources Pte Ltd ("Avani"), the Company's largest shareholder. The Drawdown is part of the discretionary component of the working capital facility, as further described in the Company's announcement released on 6 March 2024.
Following the Drawdown, the full $10.0 million has now been drawn down by Bens Creek under the working capital facility. The funds are being utilised by the Company to finance the working capital requirements of the Company's mining projects and ahead of the delivery of coal commencing to Avani in April 2024 under the terms of the existing offtake agreement in place between Bens Creek and Avani.
The full terms of the working capital facility are detailed in the Company's announcement of 6 March 2024.
For further information please contact:
Bens Creek Group plc +44 (0) 204 558 2300Adam Wilson, CEOPeter Shea, Chief of Staff
Allenby Capital Limited (Nominated Adviser and Joint Broker) +44 (0) 203 328 5656Nick Athanas / Nick Naylor / George Payne (Corporate Finance)Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)
WH Ireland Limited (Joint Broker) Harry Ansell / Katy Mitchell +44 (0) 207 220 1666