Jandar secures A$10m finance
PERTH (miningweekly.com) – ASX-listed Jadar Resources has executed a A$10-million finance facility with Mint Capital Advisors to fund exploration activities at its existing projects, particularly in Peru and Mexico.
Jadar on Wednesday told shareholders that it had inked a standby placement agreement with Mint, that would allow the company to draw down funds at its sole discretion in return for the issue of shares to Mint.
The shares issued to Mint would be done at a price per share equal to 90% of the average 15-day trading day daily volume weighted average price of Jadar’s shares for the 15 trading days following the date of issue of the drawdown notification.
Jadar could draw down up to A$300 000 a month, and would only be able to draw down funds if the issue price of the shares is calculated to be above a floor price of 4c a share.
Mint would not be allowed to own more than a 9.99% interest in Jadar, with the company needing to sell down part of its shareholding to ensure compliance with this cap.
Jadar has also agreed to pay Mint a 3% fee on the total funding limit, which will be paid through the issue of 7.5-million shares, in two tranches, under the company’s existing placement capacity.
“We are delighted to have finalised the definitive agreement with Mint. This equity capital source of funding provides the company with an entirely new funding option that delivers great flexibility and strengthens our financial position in what is currently a transformational period for Jadar,” said executive director Adrian Paul.
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