24th Sep 2018 12:49
LONDON (Alliance News) - Cadence Minerals PLC on Monday said it has refinanced its convertible loan notes through agreeing another one with some institutional lenders.
In November, Cadence paid back USD6.5 million of its USD12.9 million loan note, and then restructured the remaining funds as two separate ones, maturing in September.
To refinance the remaining USD4.2 million outstanding on its two existing notes, Cadence has agreed a new USD4.9 million amortising loan note at an interest rate of 9% per year.
The new funding, Cadence said, has a principle repayment date of until January 1 after which it will be repaid in fixed, equal instalments over the following 12 months.
Shares were 8.6% lower on Monday afternoon at a price of 0.16 pence each.
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