11th Jul 2013 11:30
11 July 2013
LP Hill Plc
("LP Hill" or the "Company")
Loan Agreement
LP Hill (AIM: LPH), the AIM listed uranium, thorium, base and precious metals and gemstones exploration and development company operating in Madagascar, announces that it has today entered into an unsecured loan agreement with Irvine Securities Limited (the "Lender"), a private lender.
The Lender has agreed to provide LP Hill with an unsecured term loan of £150,000 principal amount (the "Loan"). In accordance with the terms of the loan agreement, LP Hill shall pay interest on the Loan at a rate of 8 per cent. above Barclays Bank PLC's base rate from time to time, and the Loan, together with accrued interest, is repayable 12 months from the date of execution of the loan agreement.
The Company intends to use the net proceeds from the Loan for general working capital purposes and to enable it to continue to evaluate potential attractive project opportunities. The Company intends to raise additional equity and/or debt finance in due course to ensure that the group maintains an appropriate capital structure and is able to fund its ongoing working capital requirements and potential future development opportunities.
For further information, please contact:
LP Hill Plc | Tel: +61 8 9368 4966 |
Roy Spencer, Chief Executive Officer Gerry Nealon, Executive Chairman | Mobile: +44 (0)7786 542 753 Mobile: +61 41 754 1873 |
Bernard Olivier, Non-Executive Technical Director | Mobile: +61 40 894 8182
|
Strand Hanson Limited | |
James Harris | Tel: +44 (0) 20 7409 3494 |
Matthew Chandler | |
James Dance Ocean Equities Limited Justin Tooth Guy Wilkes |
Tel: +44 (0) 20 7786 4370 |
or visit: www.lphill.com.au
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