Paternoster Resources PLC Investment in Portfolio (6717L)
20 Aprile 2018 - 4:06PM
UK Regulatory
TIDMPRS
RNS Number : 6717L
Paternoster Resources PLC
20 April 2018
20 April 2018
Paternoster Resources plc
("Paternoster" or the "Company")
Investment in a portfolio arranged by RiverFort Global
Capital
Introduction
In January 2018, the Board of Paternoster Resources plc
announced that it had entered into a partnership with RiverFort
Global Capital Ltd, the specialist provider of capital to junior
companies ("RiverFort"), whereby Paternoster would invest in
transactions arranged by RIverFort alongside other
co-investors.
The Board of Paternoster Resources plc is therefore pleased to
announce today that, as a first step in the development of this
partnership, it has agreed to invest around GBP250,000 in a
portfolio of income-yielding investments arranged by RiverFort.
This portfolio comprises investments in the form of both senior
and convertible debt in the following companies: Jubilee Metals
Group plc, Amur Minerals plc, Lions Bay Capital Inc and Artemis
Resources Limited. This portfolio represents, on average, around
2.8% of the total investment amounts originally arranged by
RiverFort and therefore demonstrates the scope for Paternoster to
scale-up the size of its investments as it develops its partnership
with RiverFort.
Nicholas Lee, Chairman commented:
"We are pleased that we are making good progress on developing
the Company's strategy with RiverFort. We have now agreed to invest
in a portfolio of attractive investments and will have access to a
significant pipeline going forward. This will enable us to quickly
grow our portfolio with investments that can generate both an
attractive cash return whilst providing downside protection."
Details of the investment portfolio
Company Paternoster Original % of Description
amount size original
------------------- ------------ ----------- ---------- -------------------
US$ US$
------------------- ------------ ----------- ---------- -------------------
Jubilee Metals Senior secured
Group plc 100,000 3,000,000 3.3% loan
------------------- ------------ ----------- ---------- -------------------
Amur Minerals Convertible loan
plc 50,000 4,000,000 1.3% with warrants
------------------- ------------ ----------- ---------- -------------------
Loan secured on
a portfolio of
Lions Bay investments, with
Capital Inc 100,000 781,250 12.8% warrants
------------------- ------------ ----------- ---------- -------------------
Artemis Resources Convertible loan
Limited 100,000 4,500,000 2.2% with warrants
------------------- ------------ ----------- ---------- -------------------
Total 350,000 12,281,250 2.8%
------------------- ------------ ----------- ---------- -------------------
Amur Minerals plc is listed on AIM and is focused on nickel
copper sulphide mineral exploration in the far east of Russia. It
holds a 100% interest in the Kun-Manie sulphide nickel, copper
project located in Amur Oblast. The Kun-Manie represents one of the
largest potential sulphide nickel operations in the world which
could place it among the top ten nickel producing companies on an
annual basis. The purpose of the funding announced on 13 February
2018 was to progress the development of the company's Kun-Manie
project. The initial tranche of the facility amounted to US$4
million and is repayable in 12 monthly instalments in cash or
through the issue of new shares in the company. The interest rate
on the facility is 8%. For the year ended 31 December 2016, the
company generated no turnover and made a loss of US$5.8
million.
Lions Bay Capital Inc is listed on the TSX and invests in growth
focused resource assets. It has a portfolio of listed companies and
seed investments involved in the energy, mineral recovery
technology, nickel/cobalt and gold sectors. The purpose of the
funding announced on 15 March 2018 was to support the restructuring
of Montan Mining Corp and to support other investments that may be
made by the company. The initial tranche of the secured facility
amounted to CAD$1 million and is repayable over a 12-month period
in cash. The interest rate on the facility is 12% with fees payable
of 5%. For the year ended 31 May 2017, the company generated no
turnover and made a loss of CAD$0.13 million.
Jubilee Metals Group plc is listed on AIM and is a mining,
exploration and development company with a focus on platinum group
elements and nickel. It has the rights to process two surface
platinum-bearing tailings to recover platinum group elements and
chromite and it also has the mining rights for a primary platinum
project in the eastern Bushveld. The purpose of the funding
announced on 22 March 2016 was to execute and commission the
company's two surface platinum processing projects. The initial
tranche of the facility amounted to US$3 million. For the year
ended 30 June 2017, the company generated turnover of GBP9.8
million and made a loss of GBP4.5 million.
Artemis Resources Limited is listed on the ASX and is an
exploration company focused on developing the next stage of the
Pilbara, an area in the north of Western Australia with vast
mineral deposits. The company is specifically focused on deposits
of gold, cobalt and copper. It also has a fully permitted
processing plant. The purpose of the funding announced on 11
December 2017 was to assist with the funding of the refurbishment
of the Radio Hill processing plant in the Pilbara. The facility
amounted to US$4.5 million and is repayable over an 18-month period
in cash or through the issue of new shares in the company. There
are fees payable on the facility of 9%. For the year ended 30 June
2017, the company generated turnover of AUS$0.69 million and made a
loss of AUS$2.2 million.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information please contact:
Paternoster Resources +44 20 7580
plc: 7576
Nicholas Lee, Chairman
+44 20 7628
Nominated Advisor: 3396
Beaumont Cornish
Roland Cornish/Rosalind
Hill Abrahams
Joint Broker:
Shard Capital Partners
LLP +44 20 7186
Damon Heath 9950
Erik Woolgar
Joint Broker:
Peterhouse Corporate
Finance +44 20 7562
Lucy Williams 3351
This information is provided by RNS
The company news service from the London Stock Exchange
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