By Devika Patel
Knoxville, Tenn., April 27 - Angus & Ross plc said it arranged a £5 million equity line of credit with YA Global Master SPV Ltd.
YA has committed to purchase up to £5 million of the company's ordinary stock over the course of 32 months on terms related to the prevailing market price at the time of each drawdown.
In addition, the company has sold 30 million ordinary shares at 2p per share, raising £600,000, through Fox-Davies Capital Ltd.
Proceeds will be used to acquire NGM from Crew Gold Corp. and to advance the company's Black Angel project.
Angus & Ross is a mineral exploration company based in Kirkbymoorside, England.
| Issuer: | Angus & Ross plc
|
| Issue: | Equity line of credit, ordinary stock
|
| Amount: | £5.6 million
|
| Warrants: | No
|
| Settlement date: | April 27
|
| Stock symbol: | London: AGU
|
| Stock price: | 2.99p at close April 27
|
| Market capitalization: | £6.63 million
|
|
|
| Line of credit
|
| Amount: | £5 million
|
| Tenor: | 32 months
|
| Investor: | YA Global Master SPV Ltd.
|
|
|
| Shares
|
| Amount: | £600,000
|
| Shares: | 30 million
|
| Price: | 2p
|
| Agent: | Fox-Davies Capital Ltd.
|
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