EMED Mining Public Limited: Funding Update
Published : June 13, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   China | Commodities | Copper | Cyprus | Europe | Hong Kong | Recovery | Spain |

NICOSIA, CYPRUS--(Marketwired - June 13, 2013) - EMED Mining Public Limited (TSX: EMD) (AIM: EMED">EMED)


TSX: EMD                                                  13 June 2013

US$15 Million (approximately GBP9.6 Million) Proposed Convertible
 Secured Note and Allocation of Additional Off-take Rights


 * US$15 million (approximately GBP9.6 million) to be raised through
   the issue of new convertible secured notes to XGC and Red Kite;

 * The Notes carry a conversion price of 9 pence per share which
   represents a premium of 58% over the current 5 day volume-weighted
   average price ("VWAP");

 * Proposed increase in the existing off-take arrangements with Red
   Kite and XGC.

In advance of its AGM, EMED Mining Public Limited ("EMED Mining" or
the"Company"), the Europe-based minerals development and exploration
company, is pleased to announce that the Company has entered into a
term sheet with cornerstone customers, Yanggu Xiangguang Copper Co. Ltd
("XGC") and RK Mine Finance (Master) Fund II LP ("Red Kite"). The term
sheet sets out the basis on which XGC and Red Kite propose providing
additional finance to the Company of US$15 million (approximately GBP9.6
million) and increasing the Company's committed allocation of copper
concentrate product expected to be recovered out of current ore
reserves at its Rio Tinto Copper Project from 34% to an aggregate of

It is proposed that the fundraising will be by way of the issue of
US$15 million(approximately GBP9.6 million) convertible secured loan
notes ("Convertible Notes" or "Notes"). Any funds raised will be
utilised by the Company to continue final permitting, preliminary
restart activities at the Rio Tinto Copper Project and for general
working capital purposes.

Completion of definitive agreements in relation to the fundraising and
off-take arrangements is expected imminently and a further announcement
will be made at this time. It is expected that the arrangements will
be subject, inter alia, to the approval of the Chinese Government and
conditional approval of the Toronto Stock Exchange.

The proposed terms of the arrangements with XGC and Red Kite and the
terms of the Notes are set out below.

Harry Anagnostaras-Adams, the Managing Director of EMED Mining said:"The
proposed arrangements with globally important copper-sector
specialists XGC and Red Kite will form an important component of EMED
Mining's support for long term development at the Rio Tinto Copper
Project. We are heartened by XGC and Red Kite's continued support
following the completion by them of further due diligence on all
aspects of the project over the last couple of months and we expect to
finalise documentation imminently."We believe the continued support of
sophisticated mining investors
once again highlights the project's potential."

Harry Liu, Vice President of XGC, said: "XGC remains confident of the
re-start of the Rio Tinto Copper Project, and is pleased to reinforce
its support of the Company to achieve the desired timetable in full
collaboration with the authorities."

Fundraising terms

XGC intends to subscribe for US$10 million(approximately GBP6.4 million)
of the Notes and Red Kite intends to subscribe for US$5 million
(approximately GBP3.2 million) of the Notes.

The Notes will have a term of 18 months from the date of issue and will
convert into new ordinary shares in the Company ("Ordinary Shares") at
a conversion price of 9 pence per share ("Conversion Price") which
represents a premium of 58% over the VWAP of the Ordinary Shares on AIM
for the 5 trading days immediately prior to the signing of the term
sheet on 12 June 2013.

The Convertible Notes carry a coupon rate of 9% per annum in the first
12 months and 11% thereafter.

All outstanding principal and accrued interest of the Notes will
automatically convert into new Ordinary Shares at the Conversion Price
at the time the Company (or any of its subsidiaries) makes its first
drawdown (the "Drawdown Date") from the facility to be made available
by senior financial institutions for the restart of operations at the
Company's Rio Tinto Copper Project in Andalucia, Spain. If on the
Drawdown Date the VWAP of the Ordinary Shares over a period of 20
consecutive trading days prior to the Drawdown Date is less than the
Conversion Price, the Conversion Price will be the VWAP.

The Company will have the right to repay the Notes at any time
following the first anniversary of the date of issue upon giving the
holders of the Notes not less than 15 business days' notice, subject to
the right of Note holders to elect prior to the expiry of the notice to
convert their Notes into Ordinary Shares at the Conversion Price.

Off-take arrangements

It is proposed that off-take rights to purchase 1% of production from
existing reported reserves will be granted to XGC and Red Kite for
every US$1 million (approximately GBP 0.64 million) of Notes subscribed
for, on a proportional basis, with the main commercial terms of such
grants being the same as the pre-existing contract.

The proposed granting to XGC and Red Kite of further off-take rights
over the Rio Tinto Copper Project's copper production based on current
reported life of mine reserves from the planned initial operations
(the"Off-take Rights"), will increase the committed allocation to 49% of
current ore reserves. The proportion of initial base case production
allocated to these two cornerstone customers would increase to 62.5% if
the Company elects to draw down a US$35 million standby facility
provided by Red Kite in 2012.

As XGC holds over 10% of the Company's current issued Ordinary Share
capital, it is classified as a "related party" under the AIM Rules for
Companies and the transactions with XGC are "related party"
transactions as defined in Multilateral Instrument 61-101, of the
Canadian Securities Administrators ("MI 61-101"). The transactions
with XGC are exempt from the requirement to obtain a formal valuation
and minority shareholder approval pursuant to MI 61-101 as the value of
the transactions are less than 25% of the market capitalisation of the
Company. With the exception of Harry Liu, who is involved in the
transaction as a Vice President of XGC only, and was not involved in
discussions with respect to the transactions at the board level in his
capacity as a director of EMED Mining, the directors of EMED Mining
consider, having consulted with its nominated adviser RFC Ambrian Ltd,
that the terms of the proposed transaction are fair and reasonable
insofar as its shareholders are concerned.

Background to XGC and Red Kite

XGC is a large copper smelting group based in China and Red Kite is a
major international commodities group. Their respective increased
commitments reinforce the Company's existing strong shareholder base
dominated by European, North American and Australian global mining
investment institutions. This supports the Company's long term plans
for production and development at the Rio Tinto Copper Project,
starting with redevelopment of the current reserves at the Cerro
Colorado Open Pit.

RK Mine Finance provides mining companies with project financing and
metal off-take agreements forinitiation or expansion of mine
production and is part of the Red Kite group. Red Kite operates
acrossthe global metals industry from offices in Bermuda, Denver, Hong
Kong, London, New York, Shanghaiand Sydney. Investors in Red Kite
funds include college endowments, foundations, family offices,pensions
and other institutional investors.


EMED Mining                Harry Anagnostaras-Adams  +357 9945 7843

RFC Ambrian                Stuart Laing              +61 8 9480 2500
Fox-Davies Capital         Susan Walker              +44 203 463 5022

Bishopsgate Communications Nick Rome                 +44 207 562 3350

Proconsul Capital          Andreas Curkovic          +1 416 577 9927

XGC                        Harry Liu                 +86 2120369119

RK Mine Finance            Jeff Kechejian            +1 212 596-3474

Cautionary Notes

This announcement contains "forward looking information" which may
include, but is not limited to, statements with respect to the
completion of the issue of the Convertible Notes, the use of proceeds,
TSX approval of the transactions, Chinese governmental approval of the
transactions, the execution of definitive documentation in respect of
the Convertible Notes and the ability of the Company to fulfill its
expanded off-take obligations. "Forward looking information" may also
include statements with respect to the future financial or operating
performance of the Company, its subsidiaries and its projects, the
future price of metals, the estimation of ore reserves and resources,
the conversion of estimated resources into reserves, the realisation of
ore reserve estimates, the timing and amount of estimated future
production, costs of production, capital, operating and exploration
expenditures, costs and timing of the development of new deposits,
costs and timing of future exploration, requirements for additional
capital, government regulation of mining operations, environmental
risks, reclamation expenses, title disputes or claims, limitations of
insurance coverage and the timing and possible outcome of pending
litigation and regulatory matters. Often, but not always, forward
looking statements can be identified by the use of words such as"plans",
"expects", "is expected", "budget", "scheduled", "estimates","forecasts",
"intends", "anticipates" or "does not anticipate", or"believes" or
variations (including negative variations) of such words
and phrases, or state that certain actions, events or results
"may","could", "would", "might" or "will" be taken, occur or be achieved.
Accordingly, readers should not place undue reliance on forward looking

Forward looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company and/or its subsidiaries to
be materially different from any future results, performance or
achievements expressed or implied by the forward looking statements.
Such factors include, among others, general business, economic,
competitive, political and social uncertainties; the actual results of
current exploration activities; actual results of reclamation
activities; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of metals;
the future costs of capital to the Company; possible variations of ore
grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of
the mining industry; political instability, terrorist attacks,
insurrection or war; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities, as well as those factors discussed in the section entitled"Risk
Factors" in the Company's annual information form.

Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward looking statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. Forward looking statements
contained herein are made as of the date of this announcement and the
Company disclaims any obligation to update any forward looking
statements, whether as a result of new information, future events or
results or otherwise. There can be no assurance that forward looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward looking statements

                    This information is provided by RNS
          The company news service from the London Stock Exchange


Contacts: RNS Customer Services 0044-207797-4400 Email Contact http://www.rns.com
Data and Statistics for these countries : China | Cyprus | Hong Kong | Spain | All
Gold and Silver Prices for these countries : China | Cyprus | Hong Kong | Spain | All

EMED Mining Public Ltd

ISIN : CY0000100319
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

EMED is a gold and copper development stage company based in Cyprus.

EMED develops gold, copper and zinc in Cyprus and in Spain, and holds various exploration projects in Cyprus.

Its main assets in development are PROYECTO RIO TINTO in Spain and KLIROU in Cyprus and its main exploration properties are DETVA, STIAVNICA-HODRUSA and BIELY VRCH in Slovakia and KLIROU in Cyprus.

EMED is listed in United Kingdom. Its market capitalisation is GBX 54.7 billions as of today (US$ 65.5 billions, € 57.4 billions).

Its stock quote reached its lowest recent point on September 18, 2015 at GBX 0.12, and its highest recent level on January 17, 2022 at GBX 404.00.

EMED has 135 475 650 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Corporate Presentations of EMED Mining Public Ltd
3/19/2007Research Reports on EMED Mining
Annual reports of EMED Mining Public Ltd
Annual report 2007
Financings of EMED Mining Public Ltd
3/27/2015: Extension of Repayment of Loan and Convertible Notes and F...
Nominations of EMED Mining Public Ltd
9/27/2013: Appointment of Director
9/17/2007Raises £3.3 Million Net, Signs Funding Agreement, Appointmen...
9/14/2007raises £3.3m, signs funding agreement, appoints joint broker
Financials of EMED Mining Public Ltd
11/11/2013Quarterly Financial Statement
5/14/2013: Quarterly Financial Report
Project news of EMED Mining Public Ltd
2/20/2014receives Dictamen Ambiental for the Rio Tinto project
12/18/2013he Rio Tinto Copper Project
9/17/2013Rio Tinto Project update by Harry Adams
9/16/2013Rio Tinto Project Update
6/13/2013secures $15m for Rio Tinto project
5/23/2013Permitting Progress Update for Commencement of Site Works at...
2/18/2013has completed an updated NI 43-101 Technical Report
10/18/2012on Progress at Rio Tinto Copper Project
8/31/2012Completion of acquisitions of remaining land needed for Rio ...
8/3/2012acquired remaining land needed for Rio Tinto Copper Mine
7/9/2012tain land plots
12/5/2011directed to introduce integrated envrionmental management o...
10/12/2011Political Support for Rio Tinto Mine
5/17/2010(Proyecto Rio Tinto)Update
3/3/2010(Biely Vrch)Biely Vrch and Slovakia gold exploration update
2/10/2010(Proyecto Rio Tinto)Preliminary Review Issued by Ministry of Environment
2/2/2010(Proyecto Rio Tinto)Restart of Rio Tinto Mine
11/24/2009(Proyecto Rio Tinto)Rio Tinto Mine start-up - Permit processes move forward
7/2/2009(Proyecto Rio Tinto)Rio Tinto Mine - Copper Project Update: Continued Progress T...
1/7/2008(Klirou)Update on Klirou Copper-Zinc Project and Other Opportunities...
1/7/2008(Klirou)Cyprus Project Update
2/15/2007 Positive Feasibility Study
5/22/2006(Klirou)Copper resource identified in Cyprus
3/27/2006(Klirou)acquires 100% of Tamari Llc in Georgia
Corporate news of EMED Mining Public Ltd
11/2/2015Receipt of Claim from Astor Management AG
10/21/2015Change of Name and Consolidation of Ordinary Shares
9/11/2015Proposed Consolidation of Ordinary Shares, amendment of the ...
9/10/2015Half Yearly Financial Statements
9/9/2015EMED Mining's September 2015 Investor Presentation
9/7/2015Director Appointments
9/7/2015EMED Mining Public Limited Announces Director Appointments
9/2/2015Operations Update
7/29/2015Result of AGM
7/29/2015AGM Statement
7/16/2015Award of Municipal Activity Licence
7/9/2015Management Update
7/9/2015EMED Mining Public Limited Announces Management Update
7/6/2015Notice of AGM
6/30/2015EMED Mining Public Limited: Posting of Annual Report
6/24/2015Revised Admission Date
6/24/2015Revided Admission Date
6/24/2015Result of EGM and Appointment of Director
6/22/2015Result of Open Offer
6/22/2015EMED Mining Public Limited Announces Result of Open Offer
5/28/2015Subscription, Placing and Open Offer to raise approximately ...
5/28/2015Subscription, Placing and Open Offer to raise approximately ...
4/7/2015Further US$6 million from Unsecured Bridging Finance Facilit...
3/30/2015Extension of repayment of Loan and Convertible Notes and Fin...
3/27/2015EMED Mining Public Limited: Extension of Repayment of Loan a...
3/25/2015Financing Update
3/20/2015March 2015 Investor Presentation
2/24/2015Operations Update
2/24/2015Operations Update
2/23/2015EMED Mining Public Limited ("EMED" or the "Company") Operati...
1/23/2015Final Permitting Obtained
1/23/2015EMED Mining Public Limited: Final Permitting Obtained
1/23/2015Permitting Update
1/23/2015EMED Mining Public Limited: Permitting Update
12/30/2014Permitting Update
12/29/2014EMED Mining Public Limited ("EMED" or the "Company") Permitt...
12/24/2014Unsecured Bridging Finance Facility, Extension of Convertibl...
12/24/2014EMED Mining Public Limited: Financing Update and Board Chang...
12/22/2014EMED Mining Public Limited: Slovakian Exploration Licences U...
12/22/2014Slovakian Exploration Licences Update
12/22/2014EMED Mining Public Limited: Update Regarding EGM Requisition...
12/15/2014EMED Mining Public Limited Announces Management Update
11/17/2014EMED Mining Public Limited ("EMED" or the "Company") Update ...
11/14/2014EMED Mining Public Limited Announces Quarterly Financial Rep...
11/6/2014EMED Mining Public Limited ("EMED" or the "Company") Notific...
11/5/2014EMED Mining Public Limited: Rio Tinto Copper Project Update
10/15/2014EMED Mining Public Limited: Notice of EGM Requisition
10/8/2014EMED Mining Public Ltd ("EMED Mining", "EMED" or the "Compan...
9/10/2014EMED Mining PLC ("EMED Mining", "EMED" or the "Company") Iss...
9/9/2014EMED Mining Public Limited Announces Appointment of Nominate...
8/27/2014EMED Mining Public Limited: Notification of Change of Shareh...
8/26/2014Trafigura Acquires Additional Shares in EMED
8/21/2014EMED Mining Public Limited: Director's Share Purchase
8/20/2014Completion of the £ 13.1 Million (Approximately US$22 Millio...
12/18/2013Interview with John Leach, Finance Director of EMED Mining
11/27/2013at Mines & Money London
11/14/2013Ownership of the Rio Tinto Copper Project
9/11/2013Presentation at Precious Metals Summit in Colorado
8/15/2013Interview with Harry Adams of EMED Mining
8/6/2013: Rio Tinto Copper Project Update
7/3/2013Quarterly Operational Update
6/18/2013Exercise of Options
6/17/2013post AGM Q&A session
6/13/2013: Funding Update
5/30/2013plc: Investor Briefing
5/20/2013Notice of AGM
4/23/2013at Master Investor - 27 April 2013
4/18/2013Harry Anagnostaras-Adams talks about latest corporate devel...
4/15/2013reports progress on permitting
4/2/2013: Exposure to Cyprus Bank Restructuring
3/18/2013Proposed Levy on Deposits in Cyprus
2/18/2013completed an updated Technical Report
11/14/2012Arranges a US$50 Million Funding Package with Cornerstone C...
10/3/2012AAU public comments from the Environment Ministry
9/27/2012: Quarterly Operational Update
8/7/2012Half Yearly Results
7/5/2012poised to woo back investors
6/26/2012Investor Briefing
3/5/2012agrees $175 million finance package with Goldman Sachs
2/17/2012Despatch of Circular and Notice of Extraordinary General Mee...
2/6/2012Proposed Subscription, Support and Arrangements
1/9/2012of Holdings and Issue of Equity
10/5/2011Quarterly Investor Briefing
9/23/2011Issue of Shares
9/6/2011Permitting Update
6/3/2011Proactive Investors interview
8/18/2010Receives Regulatory Clarifications for Tailings Dams
6/15/2010Result of AGM & Chairmans Statement
6/8/2010Agrees Debt-Repayment Plans with Department of Social Securi...
5/12/2010Final Results
3/8/2010Edison & Equity Developments analyst notes
2/1/2010Quarterly Report
1/14/2010Update of Site Activities at Rio Tinto Mine
1/6/2010EGM circular
12/24/2009Issue of Share Options
12/23/2009Results of EGM
11/30/2009Proyecto Rio Tinto Update
11/27/2009Spanish press articles
11/27/2009Issue of Shares
8/17/2009Result of EGM
6/22/2009Laboratory facilities at Minas de Río Tinto in Andalucia pre...
6/9/2009Convertible Loan Financing­ Remaining Conditions Satisfied
3/6/2009Convertible Secured Loan Facility of up to $8.5 million and ...
2/24/2009Initial Mineral Resource for Biely Vrch Gold Deposit, Slovak...
12/19/2008Season's Greetings
9/23/2008Interim Results to 30 June 2008
9/17/2008on Gold Exploration in Slovakia
9/12/2008Greetings from Harry
8/26/2008Quarterly Report
8/19/2008Biely Vrch Gold Exciting Intercept - 460 Metres at 1.1g/t
7/22/2008Three latest research notes on EMED Mining
7/14/2008Latest Research Note on EMED Mining
6/13/2008Confirmation of Third Porphyry Gold Discovery in Slovakia
6/5/2008Loan Agreement
6/4/2008Results of Annual General Meeting
5/7/2008 raises £10million in over-subscribed placing
4/2/2008Rio Tinto Update
1/14/2008 Encouraging results at third Slovakia target
11/21/2007Status Of Emed Mining s Potential Acquisition of PRT & Resta...
11/21/2007Rio Tinto Update
11/13/2007 Responsible Mineral Extraction And Environmental Protection
11/8/2007confirms gold system at Kralova
10/29/2007 results of further drilling in Slovakia
8/22/2007Porphyry Gold System Extended At Biely Vrch
8/7/2007Inaugural Quarterly Report
8/2/2007Substantial Progress on Potential Acquisition in Spain
7/9/2007Porphyry Gold System Identified at Biely Vrch
5/23/2007Biely Vrch Mineralisation Extended to 460 Metres Depth
5/11/2007Announcement - Placing of £4 Million, Slovakia Exploration a...
3/16/2007Annual General Meeting. Chairman's Address
3/12/2007Expansion of Activities in Slovakia
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
GBX 404.00
01/17 11:35 -11.93
Prev close Open
415.93 412.50
Low High
400.00 413.00
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  404.00 -%
Volume 1 month var.
226,117 -%
24hGold TrendPower© : 12
Develops Copper - Zinc
Explores for Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 1/7/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :