Atlas board OKs $20-M bridge loan
Atlas Consolidated Mining & Development Corp. (ACMDC) said its board has approved a plan to secure a $20-million bridge loan facility from global fund manager Spinnaker Capital Group.
In a disclosure to the Philippine Stock Exchange, ACMDC said the loan will carry a term of 90 days and an interest rate of 15 percent per annum.
ACMDC said the loan will be financed through the execution of a convertible loan agreement whose terms shall provide for a conversion price of P12.60 each share.
The board likewise approved the execution of a subscription agreement with subsidiary Carmen Copper Corp. (CCC) involving the issuance of 108.713 million CCC shares to ACMDC for a total price of $18.02 million.
CCC operates the
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