Oracle Coalfields secures £2 million equity financing
Oracle Coalfields (LON:ORCP) has entered into a £2 million equity line facility to progress the development of its Thar coalfield project in Pakistan.
The equity line is with Dutchess Opportunity Cayman Fund and was arranged by First Columbus – Dutchess’ joint venture partner in the UK.
It allows Oracle to draw down on the facility at any time during the next three years.
Oracle‘s chief executive Shahrukh Khan said: “Putting a facility of this kind in place will help to ensure that the company is appropriately funded for the medium term.
“Financing will be required for working capital as Oracle progresses to full-scale mine development.”
The company boss said the last year had seen Oracle make “significant strides” towards its aim of developing a world-class coal mine in Pakistan.
“The acquisition of a mining licence, the signing of a joint development agreement with the Karachi Electric Supply company, and the strengthening of the company’s board and management team have all served to prove the ambition and direction of the company,” he said.
The price for any company shares to be subscribed by Dutchess will be at a 5 per cent discount to ten consecutive trading days immediately after the date of notification.
The equity line may be drawn down in tranches linked to the company’s average daily trading volume in the three days prior to the notice or in other specified amounts.
Oracle will pay an initial arrangement fee of £20,000 through issuing 666,666 new shares at around 3 pence a share. It must also issue to Dutchess and First Columbus 666,666 warrants with an exercise price of 4.8 pence – a 77.8 per cent premium to the company’s mid market closing price yesterday (July 23).
Story by ProactiveInvestors
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