new credit for explorers?

(MENAFN - ProactiveInvestors - Australia) Jervois Mining (ASX:JRV) has secured a continuous investment commitment from Baycrest Capital that would see the fund invest up to A3 million over a 3 year period.

Under the agreement, Baycrest, which is a long-only Australian fund, can be required by Jervois to purchase up to 3 million worth of its shares via a series of placements.

When Jervois requests capital, Baycrest will directly purchase a minimum amount of 25,000, with Jervois retaining the option of requesting Baycrest to purchase larger parcel.

The price of the shares issued to Baycrest will be set at the lowest daily volume weighted average price per share within a 20-day pricing period, minus a commission of 4%. There is also a hard floor set at 0.10 per share to protect existing shareholders.

The agreement will cap Baycrest's ownership of Jervois at 19.99%.

Jervois holds a royalty interest at the 3.5 million ounce Bullabulling Gold project in Western Australia. It also has nickel/cobalt exploration tenements in New South Wales.

http://www.menafn.com/menafn/1093588974/Jervois-Mining-secures-AUSD3-million-from-Baycrest-Capital