Issue of Debt (3890J)
June 29 2011 - 11:03AM
UK Regulatory
TIDMNSN
RNS Number : 3890J
Natasa Mining Limited
29 June 2011
Natasa Mining Ltd
("Natasa" or the "Company")
Provision of short term loan
Natasa announces that it has agreed to provide a short-term
secured loan of US$6,827,838.50 to Murray Morgan Investments Ltd
("Loan").
The Loan, which is repayable by not later than 27 August 2011,
is non-interest bearing but will attract a drawdown fee of
US$15,000. In addition, as security for the Loan, Murray Morgan
Investments Ltd has pledged its shareholding in the Company and the
Loan has been guaranteed by Mr C Kyriakou, a Director of the
Company.
Murray Morgan Investments Ltd is a significant shareholder of
the Company and accordingly, the Loan, as set out above, is
considered to be a related party transaction under the AIM Rules
for Companies. Mr Kyriakou has no connection with Murray Morgan
Investments Ltd, however in light of the provision of the above
mentioned guarantee, has taken no part in the deliberations in
connection with this related party transaction.
Accordingly, the independent Directors of Natasa consider,
having consulted with Strand Hanson Limited, the Company's
Nominated Advisor, that the terms of the Loan are fair and
reasonable insofar as the Company's shareholders are concerned. In
providing its advice to the Independent Directors, Strand Hanson
has taken into account the commercial assessment of the Independent
Directors in respect of the transaction.
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive Chairman
Telephone: 020 7514 1480
www.natasamining.com
Strand Hanson Limited
Angela Peace
Tel: 020 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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