27/07/2006
Mining investment group Cambrian Mining has agreed a $50 million (£27.5 million) revolving credit and loan facility with Investec Bank.
AIM-quoted Cambrian, whose holdings range from Western Canadian Coal to Aussie takeover target Aztec Resources and Bangladesh coal hopeful Asia Energy, has already drawn down £8.3 million of this, partly to exercise its warrants in Aztec, which is being bid for by Mount Gibson of Western Australia. The facility, for which Investec charges interest at 2.5 per cent above the London InterBank Rate, also gives the South African investment bank warrants to buy up to 750,000 new Cambrian shares over the next three years at 175p.
That compares with Cambrian's present price of 143.75p, up 2.25p today but down from its February 2005 high of 225p. In May, the company announced plans for an £11 million convertible bond.
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