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 Toledo copper mine in Cebu slated to start operations by the middle of August. It is forecast to produce upto 130 million pounds of copper, 70 ounces of gold, 260,000 ounces of silver, among others.