By Sheri Kasprzak
New York, May 25 - Elkedra Diamonds NL received a A$5 million standby finance facility from LinQ Capital Ltd.
The 10% facility may be drawn in two tranches.
In the first tranche, Elkedra may draw up to $3 million and will issue to LinQ options for 2 million shares, exercisable at A$0.90 each.
In the second tranche, Elkedra may draw up to $2 million and will issue options for 1 million shares, exercisable at A$1.20 each.
The proceeds from the facility will be used for exploration on the Chapada project in Brazil.
Based in Subiaco, Western Australia, Elkedra is a diamond exploration company.
| Issuer: | Elkedra Diamonds NL
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| Issue: | Standby finance facility
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| Amount: | A$5 million
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Options: | For 3 million shares
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| Options price: | A$0.90 for 2 million shares, A$1.20 for 1 million shares
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| Investor: | LinQ Capital Ltd.
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| Settlement date: | May 25
|
| Stock symbol: | Australia: EDN
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| Stock price: | A$0.57 at close May 25
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