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Cleveland Mining Co Ltd Secures AUD10 Million Facility With Baycrest Capital


Sunday, 16 Jun 2013 07:17pm EDT 

Cleveland Mining Co Ltd announced the signing of an A$10 million Investment Facility with Boston-based Investment Manager, Baycrest Capital. The facility provides Cleveland with the ability to draw down funds at its discretion over a three year term, providing wellpriced capital that will facilitate the further development of the Company's Brazilian portfolio. Key Terms: Limit of AUD10 million based on individual tranches of up to AUD500,000 each, or any such amount agreed between the parties; Each draw-down will be matched by an issue of ordinary shares priced at 100% of a weighted average market price formula; The facility provides Cleveland with the right, with no obligation, to draw down on the facility. The Company is free to assess its optimal funding sources going forward and is not bound by minimum periodic draw-downs; and An initial 2% fee paid in Cleveland shares on the total funding commitment and a 5% commission fee for each tranche drawn. This new source of funding gives the Company confidence to continue its Brazilian development, which includes the optimisation of the Premier JV Mine and plans to start mining at the nearby and soon to be gazetted, O Capitão deposit. 

Company Quote

0.061
-0.0010 -1.61%
20 Oct 2014