Unicorn Minerals signs £1.25m facility for Namibia project
London-listed Unicorn Mineral Resources has formally signed and executed the final legal documentation for the £1.25-million unsecured loan facility with Electro Automation, a company controlled by the company’s chairperson Paddy Doherty.
The execution of the definitive loan agreement by all parties marks a major milestone for the company, securing the capital necessary to complete and advance the proposed acquisition of the Klein Aub copper mine, in Namibia, as well as initial development plans, Unicorn Minerals highlights.
It adds that this further highlights the continued, deep support of the company’s chairperson.
Full drawdown of the £1.25-million principal amount is expected to take place immediately following the final execution and signing of the acquisition documentation for the Klein Aub mine, which is currently being finalised.
The debt funds will fund the next stage of the work programmes at the Klein Aub mine, alongside supporting the company’s associated working capital requirements and general operational expenditures.
The final executed terms of the loan agreement are broadly in line with those previously announced in July.
The loan facility is unsecured and can be drawn in one single tranche only for an amount up to £1.25-million on signing of the acquisition documents for the Klein Aub mine.
An establishment fee of 3%, or about £37 500, and interest at a rate of 10% yearly is to be paid on the maturity date of the loan, which is one year from the date of first drawdown.
Unicorn Minerals has agreed that the principal amounts under the loan facility and interest and establishment fee can, at the request of the lender, be converted on redemption into ordinary shares in the company. Any conversion will be subject to clearance by the takeover panel, as may be required.
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