Slightly more readable
Capital Facility
Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, is pleased to announce the commencement of a Standby Subscription Agreement (SSA) with Fortrend Securities Pty Limited.
Highlights:
• Fortrend is an ASIC regulated, financial services provider specializing in the provision of equity capital from North American based investors.
• The SSA makes available up to $10 million over a 3 year period. Funds can be drawn down at Mantle’s sole discretion within certain liquidity parameters.
• Pricing will be at a 10% discount to the prevailing market prices at the time of each drawdown notice.
• There are no restrictions or conditions in the agreement on any other capital raising exercises that Mantle may wish to undertake.
Mantle’s Managing Director; Ian Kraemer, commented:
“We evaluated a number of different financing options in the market and felt the Fortrend’s SSA Facility offered the best balance of cost and flexibility to Mantle shareholders as the Company continues to build value through its projects.”
“As an ASIC regulated entity with local distribution capabilities, Fortrend promises to be an excellent long term partner for Mantle as we seek to accelerate the value creation process in our projects.”
Fortrend’s Managing Director; Joe Forster, agreed:
“Our overseas investors are very excited about Mantle’s projects and in particular the new cleaner coal technologies being brought to bear at the Company’s various coal projects.”
“We are confident that the market will recognise and reward Mantle with much higher valuations as the management team successfully execute on the key milestones. Fortrend is keen to support and participate in that progression.”
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