Rare Earth Minerals PLC Secures US$10 Million Debt Facility to Fund Further Acquisitions.
June 13, 2014 (Source: Rare Earth Minerals PLC) — Rare Earth Minerals is today pleased to announce that it has secured a 3-year US$10 million debt facility with YA Global Master SPV Ltd (“YAGM”), with the first US$3 million being drawn down today. The first draw down carries a twelve-month repayment schedule at a fixed coupon of 10%. Any subsequent drawdowns would be on the same terms and subject to approval by YAGM.
This first draw down increases the Company’s cash at bank and liquid investments to over US$15 million.
David Lenigas, the Company’s CEO, commented;
“As previously stated, REM has more than sufficient cash reserves to meet its expected financial commitments for the next 12 months in Mexico, Greenland and Australia. This new debt facility will significantly add strength to the Company’s balance sheet and provide additional fire power to assist with further acquisitions.”
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