Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
EMED wins £6m facility
Depressed gold and copper play EMED Mining has agreed an $8.5 million (£6 million) convertible loan facility with two key shareholders.
Based in Cyprus and quoted on AIM, the company says 14.29 per cent shareholder Resource Capital Funds, a US-backed private equity group, is providing $6.5 million of the facility, with RMB, an investment banking arm of South Africa’s First Rand group and four per cent EMED holder, supplying the remaining $2 million. The deal, which is subject to shareholder approval, will enable EMED to advance its Detva gold project in Slovakia and the reopening of the historic Rio Tinto copper mine in Spain.
The price at which lenders can convert sums drawn under the facility into shares will be ‘subject to adjustment’. At the same time, EMED, steered by Greek/Australian entrepreneur Harry Anagnostaras-Adams, has renegotiated the terms of crucial loans from the MRI group (founded by controversial commodities trader Marc Rich) and YA Global Investments.
The company, which owes MRI £48 million on the Rio Tinto project, will now slash the amount it pays on the first payment date by two-thirds to £8 million, paying the rest over six years thereafter, plus an additional £14.5 million ‘deferred consideration’ depending on the price of copper. YA, which lent EMED £3.6 million and whose consent is needed for the convertible facility, has agreed to it and, in return, can convert its loan into shares at 5p rather than the original 50p a share.
Even 5p is above EMED’s present price of 3.62p, down from 30.5p last May. The company has managed to do what many others need and are anxious to do and, if its projects look like bearing fruit, the shares could possibly be past the worst.
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