16th Sep 2013 11:54
LONDON (Alliance News) - AIM-listed Mentum Inc. Monday said several of its shareholders had agreed to provide a secured GBP1 million loan facility which it will use for working capital and to help accelerate certain new investment opportunities.
Mentum said the loan facility was being provided by shareholders Jim Stewart, Mike Douglas and Stanhill Capital Partners, which each hold 13.26% of the company's share capital.
The loan has a one-year term, which can be extended to two years. If all the funds are drawn down, a coupon of 7.5% a year is payable by issuing new shares in the company.
Mentum said it is now targeting investments in oil and gas properties in Iraq and Kurdistan, oil and gas and mining logistics and infrastructure supply and support in Africa, oil and gas exploration projects in Africa, both onshore and offshore, and air cargo logistical supply support in Africa.
It hopes to report progress on its evaluation, and possibly some deals, before the end of the first quarter of 2014.
Mentum shares were up 5.5% at 0.58 pence Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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