Aurelia secures additional funding, adjusts contractor payment terms
JOHANNESBURG (miningweekly.com) – Aurelia Metals has inked a deal with Pacific Road Capital Management to provide it with a convertible A$6-million working capital facility, a convertible A$6-million subordinated loan facility and an exclusive entitlement to underwrite an up to A$25-million equity raising by the mining company.
Under the terms of the agreement, Pacific Road would grant Aurelia 40-million share options with an exercise price of A$0.0125 per option, with an expiry date of five years from the date of execution.
Aurelia also announced on Monday that it had reached an agreement with its underground mining contractor Pybar Mining Services for the deferral of outstanding payments until January 31, 2016, subject to an interest rate of 11% a year.
Any successful funding and recapitalisation before this date would accelerate the payment of deferred amounts as cash or on otherwise mutually agreed terms.
Aurelia further agreed to repay outstanding amounts in instalments of A$50 000 a week through to January 2016.
Moreover, subject to shareholder approval, the group would issue to Pybar ten-million share options with an exercise price of A$0.0125 a share and a five-year term.
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