ABMEC

Prairie Mining agrees final terms for additional funding

13/07/2017

unnamed (1)

Prairie Mining Ltd has finalised terms for the previously announced additional investment from its cornerstone investor CD Capital Natural Resources Fund III LP, subject to shareholder approval.

HIGHLIGHTS:
Prairie and CD Capital agree final terms for a further investment of US$2.0m in the form of non-redeemable, non-interest bearing Convertible Loan Notes
Funding increased to accelerate the redevelopment of Prairie’s Debiensko Hard Coking Coal Project and advance pre-construction engineering works at its Jan Karski Mine
Subject to Shareholder approval, Notes issued by way of a private placement by PDZ Holdings Limited which will be convertible into ordinary shares of Prairie at A$0.46 (28 pence) per share (same price as the recent Institutional Placement) and will be subject to a lock up period during which time CD Capital may not convert the Notes prior to 1 April 2018
Based on the current share capital, conversion of all of CD Capital’s Notes and exercise of CD Capital’s options would result in approximately a 30% shareholding in Prairie
Source: Prairie Mining Ltd