By Devika Patel
Knoxville, Tenn., Aug. 19 - Energybuild Group plc announced it has arranged a £2.5 million convertible loan facility with Western Canadian Coal Corp.
The facility matures on Aug. 18, 2012. It carries a 14% coupon on funds drawn.
The loan facility is convertible at a price equal to the share price in any future equity raisings.
Proceeds will be used for ongoing working capital and development expenditures at Energybuild's coal assets in South Wales.
Neath, United Kingdom-based Energybuild is a coal miner.
Issuer: | Energybuild Group plc
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Issue: | Convertible loan facility
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Amount: | £2.5 million
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Tenor: | Aug. 18. 2012
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Coupon: | 14%
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Price: | Par
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Yield: | 14%
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Conversion price: | Equal to the share price in future equity raising
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Warrants: | No
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Investor: | Western Canadian Coal Corp.
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Pricing date: | Aug. 19
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Stock symbol: | London: EBG
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Stock price: | 19p at close Aug. 19
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Market capitalization: | £26 million
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