African Eagle Resources PLC: Facility Agreement
June 17 2014 - 11:00AM
17 June 2014
African Eagle Resources plc
("African Eagle" or the
"Company")
Facility Agreement
African Eagle (AIM: AFE; AltX:
AEA) announces that it has today entered into an unsecured loan
facility ("Facility") of up to a total of £365,000 with CEO of the
Company, Nick Clarke, and Chairman of the Company, Kola Karim
("Facility Agreement").
The terms of the Facility
Agreement include that it is available for draw down until 30
November 2015, accrues interest at the rate of 5 per cent. per
annum from day to day and is calculated for any period on the basis
of the actual number of days elapsed and a 365 day year. The
Facility and accrued interest is repayable on the earlier of 31
December 2015 or the completion of a successful fundraising that
forecasts, at the time of such fundraising, that African Eagle
shall have sufficient working capital to operate until 31 December
2015 after full repayment of all sums due under the Facility
Agreement.
The Facility will be used by
African Eagle for general working capital purposes.
The Facility Agreement is a
related party transaction under the AIM Rules. Robert McLearon,
being the only director not involved in the Facility Agreement as a
related party, considers, having consulted with Beaumont Cornish
Limited, the Company's nominated adviser, that the terms of the
Facility Agreement are fair and reasonable insofar as the Company's
shareholders are concerned.
For further information please
visit www.africaneagle.co.uk or contact the following:
Enquiries:
African
Eagle Resources plc
Robert McLearon, Finance Director |
Tel: +44
(0) 20 7002 5361 |
|
|
| Beaumont
Cornish Limited (Nominated Adviser) |
Tel: +44
(0) 207 628 3396 |
Roland
Cornish
Emily Staples |
|
Pareto
Securities Limited (Broker)
Guy Wilkes |
Tel: +44
(0) 20 7786 4370 |
|
|
About African Eagle
African Eagle Resources plc is quoted on the AIM Market of the
London Stock Exchange (AFE) and Johannesburg AltX (AEA) stock
exchanges.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: African Eagle Resources PLC via Globenewswire
HUG#1794471
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