By Sheri Kasprzak
Atlanta, June 7 - Romarco Minerals Inc. said it will receive $6 million in a standby facility with Quest Capital Corp.
Romarco may draw from the facility through Oct. 31. The facility bears interest at 12% annually, compounded and payable monthly.
Quest will also receive 1,248,800 shares and will also receive a 5% drawdown fee in shares if Romarco uses the facility.
The Vancouver, B.C.-based Romarco is a mineral exploration company. It plans to use the proceeds for potential acquisitions.
Issuer: | Romarco Minerals Inc.
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Issue: | Standby facility
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Amount: | $6 million
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Tenor: | Oct. 31, 2005
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Shares: | 1,248,800
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Warrants: | No
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Investor: | Quest Capital Corp.
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Pricing date: | June 6
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Stock price: | $0.159 at close June 6
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