https://www.miningweekly.com

BBX firms up funding for Brazilian exploration

16th June 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed BBX Minerals has secured an A$8-million standby equity funding facility with US-based institutional investment group LDA Capital to advance the construction of a metallurgical test plant and subsequent project development at its projects in Brazil.

The facility, which will have a 36-month term, will allow BBX to issue shares to LDA over the next three years at its own discretion, to receive funds of those shares.

A put option of up to A$8-million is in place, priced at 90% of the 15-day volume weighted average price of BBX’s shares following the exercise, with a minimum price set by the company.

The number of shares subject to a put option for a period is a maximum of ten times the average daily number of the company’s shares traded on the ASX during a 15-day period before its exercise.

A commitment fee of 2%, or around A$160 000 is also payable by applying 20% of each put option towards the payment, with at least A$80 000 within six months, with any balance due after 12 months.

LDA could hold a maximum interest of 9.95% in BBX.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.053 1.13s - 110pq - 2rq
Subscribe Now