Rare Earth Minerals PLC Conversion of Loan Note (5124V)
January 31 2017 - 2:00AM
UK Regulatory
TIDMREM
RNS Number : 5124V
Rare Earth Minerals PLC
31 January 2017
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Conversion of Loan Note
Rare Earth Minerals (AIM/ISDX: REM; OTC: REMMY) has received
notification of the conversion US$200,000 of its US$15 million
convertible loan have been converted into 24,529,629 new ordinary
shares in the Company at a price of 0.65 pence per share.
After this exercise, the outstanding balance of the convertible
loan is US$12.95 million. The convertible loan has an interest rate
of 5%, and the principal is convertible at 0.65 pence which
represent a premium of 5 % over the closing price on 8 August 2016,
the day before the loan note was announced.
Application will be made to the London Stock Exchange to admit
the 24,529,629 new ordinary shares to trading on AIM. Admission of
the new ordinary shares is expected to occur on or around 3
February 2017. The new ordinary shares will be admitted to trading
on ISDX simultaneously with the admission to AIM. The new ordinary
shares will rank pari passu with the existing ordinary shares.
For the purpose of the Disclosure and Transparency Rules,
following the issue of shares detailed above the enlarged issued
share capital of the Company will comprise 7,777,690,338 ordinary
shares with no Ordinary Shares held in treasury. Therefore the
above figure of 7,777,690,338 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in Rare Earth Minerals under the FCA's Disclosure and
Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
For further information,
please contact
Rare Earth Minerals
plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
About Rare Earth Minerals:
Rare Earth Minerals invests across the globe, principally in
lithium mining projects. Its primary strategy is taking significant
economic stakes in upstream exploration and development assets
within strategic metals. We identify assets that have strategic
cost advantages that are not replicable, with the aim of achieving
lower quartile production costs. The combination of this approach
and seeking value opportunities allows us to identify projects
capable of achieving high rates of return.
The Rare Earth Minerals board has a blend of mining, commodity
investing, fund management and deal structuring knowledge and
experience, that is supported by access to key marketing, political
and industry contacts. These resources are leveraged not only in
our investment decisions but also in continuing support of our
investments, whether it be increasing market awareness of an asset,
or advising on product mix or path to production. REM's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
Rare Earth Minerals are major shareholders of the Sonora Lithium
Project in northern Mexico and the Cinovec Lithium and Tin Project
in the Czech Republic. Rare Earth Minerals portfolio also includes
significant lithium-based investments the USA, Australia and
Namibia. The Mexican and Czech deposits have published Indicated
and Inferred Mineral Resources of 11.3 million tonnes of Lithium
Carbonate Equivalent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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