By Devika Patel
Knoxville, Tenn., April 30 - Frontier Mining Ltd. announced it has completed a $10 million debt facility with Zere Group JSC. The deal was arranged on Feb. 16.
The two-year facility will accrue interest at 15%.
The investor also received warrants for 407,540,430 ordinary shares, which are exercisable at 1.5p.
Proceeds will provide the company with sufficient working capital for the foreseeable future and allow it to repay its commitment to Coville Intercorp Ltd.
Based in London, Frontier is a mineral exploration and development company.
| Issuer: | Frontier Mining Ltd.
|
| Issue: | Debt facility
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 407,540,430 ordinary shares
|
| Warrant strike price: | 1.5p
|
| Pricing date: | Feb. 16
|
| Settlement date: | April 30
|
| Stock symbol: | London: FML
|
| Stock price: | 0.75p at close Feb. 16
|
| Market capitalization: | £5.18 million
|
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