African Eagle Resources PLC: Facility Agreement
17.06.2014 | Globenewswire Europe
17 June 2014African 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 Tel: +44 (0) 20 7002 5361
Robert McLearon, Finance Director
Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0) 207 628 3396
Roland Cornish
Emily Staples
Pareto Securities Limited (Broker) Tel: +44 (0) 20 7786 4370
Guy Wilkes
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.
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Source: African Eagle Resources plc via GlobeNewswire
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