News blog
Noventa Ltd
- BY: Andrew Hore |
- POSTED: 07/08/2012 |
Tantalum mine developerNoventa Ltd has agreed in principle to a new financing package with existing lender and 11.8% shareholder, Richmond Partners Master Ltd.
The existing facility will be extended and there is outline agreement for a long-term secured loan. The extended and revised unsecured facility is for $16m and has an annual interest rate of 25%. If the company does not go ahead with the new loan then the existing facility will carry a 30% repayment penalty.
The proposed new loan of between $32m and $35m is secured all the group assets. The annual interest rate will still be 25%. Capital repayments start in the first quarter of 2014 and the facility matures on 1 January 2016.
Noventa wanted to raise up to $35m but could not get this much from a share issue.
Zeca de Barros has been appointed as finance director and Declan Sheeran as a non-executive director.
At 3.75p a share, Noventa is valued at £4.49m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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