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Minerva Resources
- BY: Andrew Hore |
- POSTED: 05/05/2009 |
Minerva Resources has secured a £350,000 loan facility.
Minvera is an Ethiopia-focused gold and platinum explorer. The cash will provide short-term working capital and Minerva has decided not to enter into a Company Voluntary Arrangement as originally planned.
Minerva has already drawn down £75,000 of the facility. The lender has received an exclusivity period to assess whether it wants to merge with Minerva or buy its assets. The exclusivity period should end by 31 May 2009. The other £275,000 can’t be drawn down unless a merger is still being contemplated. If a merger does not go ahead then the lender can ask for repayment within one month of giving notice.
The loan is repayable in cash or can be converted into shares at a conversion price of 0.7p a share. Interest of 15% a year is payable on the second tranche of the loan.
Shares in Minerva were suspended at 0.7p each on 30 January 2009. That valued Minerva at £1.08m. The shares will not return from suspension until the annual report for the year to September 2008 is published. The financial position of the company will also need to be secured for the shares to return from suspension.
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