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Angel Mining revises payment schedule of $3.65 million of 4% notes
Company to repay YA Global Master SPV between March and September
By Devika Patel
Knoxville, Tenn., Nov. 28 - Angel Mining plc said it revised its financing agreement with YA Global Master SPV Ltd., extending the repayment schedule.
The company agreed on July 28 to sell up to $3.65 million of 4% promissory notes to the investor under the agreement.
The initial drawdown was $1.35 million, and the company made a second drawdown of $855,000. Following an initial repayment, the balance of $1.86 million was to be repaid by Jan. 15.
The company has now agreed to make an immediate repayment of $536,013 by issuing 25 million ordinary shares at a price of 1.37p. This price represents a premium of 5.4% to the closing price of the shares on Nov. 24, 1.28p.
The payment is comprised of $524,616 of principal and $11,397 of interest.
In exchange for the shares, YA Global has agreed to extend the repayment schedule. Under the new schedule, the company will make a series of payments between March and September 2012.
The new payment schedule is contingent on the company also extending the repayment of its loan with Cyrus Capital Partners LP to at least Dec. 31, 2012.
Based in York, England, Angel Mining explores for gold, zinc and lead.
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