Last checked at 17 Jun 2016 07:00
17 June 2016
AURUM MINING PLC
("Aurum" or the "Company")
Convertible loan
Trading update
Aurum Mining plc (AIM: AUR), the Spanish focused gold and tungsten explorer, announces that it has raised £100,000 through a convertible loan (the "Loan"). The Loan is unsecured, accrues no interest and is not repayable. The Loan will be converted at the price at which equity is next issued. If it is so converted, the loan providers are also entitled to a warrant for every share they receive. Each warrant would be exercisable at 2 pence per share.
The Loan will be used to provide on-going working capital for the Company.
David Williams, Chairman of Aurum, is providing £50,000 of the convertible loan finance. His participation in the Loan constitutes a related party transaction in accordance with AIM Rule 13. The Independent Directors, being the Directors other than David Williams, having consulted with the Company's nominated adviser WH Ireland, consider the terms of the loan transaction with David Williams to be fair and reasonable insofar as its shareholders are concerned. Mr. Williams has a beneficial interest of 29.14% of the current issued share capital of the Company.
There was no significant change in the Company's trading in the second half of the year ended 31 March 2016. Results for the year are expected to be announced in the second half of August.
Contacts: | |
Aurum Mining plc | www.aurummining.net |
Sean Finlay | +44 (0) 20 7499 4000 |
WH Ireland Limited | Nominated Adviser & Broker |
Mike Coe, Ed Allsopp | +44 (0) 117 945 3470 |
Notes to Editors:
Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 56.5% interest in the Pino de Oro project in Zamora Province and a 51.4% interest in the Peralonso and Cabeza projects in Salamanca Province.
Tungsten
Aurum's 20% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating production from the site of high quality tungsten concentrates.