29th May 2015 08:42
LONDON (Alliance News) - Bushveld Minerals Ltd on Friday said it has entered into a new convertible loan facility with Darwin Strategic Ltd for GBP2.6 million.
Around GBP400,000 of the facility will be drawn down by Bushveld immediately for working capital purposes, with the remainder to be used to fund the acquisition of Australia's Lemur Resources Ltd. Bushveld said last week it intends to acquire the 36% of Lemur is does not already own in a deal valuing Lemur at AUD10.9 million.
The loan agreement, if drawn down in full, could be converted in up to 40.5 million shares in Bushveld at 7 pence per share.
Shares in Bushveld were down 3.1% to 4.12 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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