3rd Nov 2016 10:43
LONDON (Alliance News) - Rare Earth Minerals PLC on Thursday said it has issued 63.1 million new shares priced at 0.65 pence after USD500,000 of its USD15.0 million loan facility was converted.
That leaves an outstanding balance of USD13.5 million. The facility has an interest rate of 5.0% and the conversion price of 0.65p was a 5.0% premium to the closing share price on August 8, the day before the convertible loan note was issued.
Rare Earth shares were trading flat Thursday at 0.590 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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