REG - African Pioneer PLC - Drawdown under Funding Facility

African PioneerAnnouncement

13/08/2024 07:00

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RNS Number : 1595A  African Pioneer PLC  13 August 2024

 

13 August 2024

African Pioneer Plc

("African Pioneer" or "the Company")

 £250,000  drawdown under Funding Facility

 

African Pioneer plc ("AFP" or the "Company") the exploration and resource
development company with advanced projects in Namibia, Botswana, and Zambia,
further to its announcement on 2 May 2024 confirms that it has issued a
drawdown notice for £250,000 under its unsecured convertible loan funding
facility agreement for up to £1,000,000 (the "Facility") with Sanderson
Capital Partners Ltd (the "Lender"), a long term shareholder in the Company.
The £250,000 drawdown is repayable in 12 months and convertible by the Lender
at 2.8 pence per share. The Company can use the Facility, at its discretion,
to fund the working capital requirements of the Company and its subsidiaries
as determined by the Company and proposes to use the funds to advance its
projects in Zambia, Namibia and Botswana and Zambia and the general working
capital requirements of the group.

 

Under the terms of the Facility the Lender is due;

 

i) a drawdown fee of £5,000 being 2% of the amount drawdown to be settled by
the issue of 232,558 new ordinary shares ("Shares") credited as fully paid at
2.15 pence per share being the five-day VWAP on 9 August 2024 (the "Drawdown
Fee Shares") with the Drawdown Fee Shares to be issued on or before 31
December 2024 or such other date agreed by the parties.

 

ii) £125,000 of three year warrants over Shares with an exercise price of 4
pence per Share.

 

 

For further information, please contact:

 

 

 African Pioneer Plc                           Tel +44 (0) 20 7581 4477

 Colin Bird, Chairman
 Beaumont Cornish Limited (Financial Adviser)  Tel +44 (0) 20 7628 3396

 Roland Cornish/Asia Szusciak
 Novum Securities Limited (Broker)             Tel +44 (0) 20 7399 9400

 Jon Belliss

 

or visit   https://africanpioneerplc.com/

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is Financial Adviser to the
Company in relation to the matters referred herein. Beaumont Cornish Limited
is acting exclusively for the Company and for no one else in relation to the
matters described in this announcement and is not advising any other person
and accordingly will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Beaumont Cornish Limited, or
for providing advice in relation to the contents of this announcement or any
matter referred to in it.

 

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