Mustang Energy PLC Payment of Backstop Fee & Repayment of WC Facility (1428M)
12 Settembre 2023 - 9:00AM
UK Regulatory
TIDMMUST
RNS Number : 1428M
Mustang Energy PLC
12 September 2023
12 September, 2023
Mustang Energy PLC
("MUST" or the "Company")
Payment of Backstop Fee and Repayment of Working Capital
Facility
MUST advises that it has agreed with Bushveld Minerals Limited
("BMN") on the sum of backstop fees owed as a result of redemption
of the Company's convertible loan notes as described in the RNS
dated 9 August 2023. The sum of GBP121,278.75 will be satisfied by
the issue of 606,394 new ordinary shares in the capital of MUST
issued at an agreed price per share of GBP0.20.
MUST has also agreed to the repayment of the $420,000 working
capital facility (the "Facility") provided by BMN to the Company in
January 2022 and January 2023. The exchange rate to be used for the
conversion of US$ to GBP will be the average Bloomberg exchange
rate over the five business days prior to the date of the issue of
ordinary shares.
The Facility matures on 31 December 2023 or if the Company
completes an equity or debt raising of no less than GBP1 million.
MUST can repay the facility in cash or by an issue of new ordinary
shares of MUST with the issue price calculated as the greater of
GBP0.20 or the average volume weighted average price of an Ordinary
Share for the consecutive 10 dealing days ending on the dealing day
immediately preceding the repayment date. Repayment is not
conditional on readmission and if made prior to readmission BMN and
the Company have agreed that the issue price per share will be
GBP0.2674.
BMN will be issued 1 warrant for each 2 shares issued as
repayment of the Facility. The warrants will have a exercise price
of GBP0.30 and have an exercise period 12 months after issue.
MUST currently has 10,281,600 ordinary shares on issue and has
existing capacity to issue the ordinary shares described above and
therefore no shareholder approval is required.
The Company continues to negotiate the terms of the acquisition
of 100% of the shares in VRFB Holdings Limited and will make a
further announcement at the conclusion of those negotiations.
ENQUIRIES
For further information, please visit www.mustangplc.com, follow
us on Twitter @Mustang_Plc, or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director dg@mustangplc.com
+61 416 220 007
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END
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(END) Dow Jones Newswires
September 12, 2023 03:00 ET (07:00 GMT)
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