REG - Bens Creek Group PLC - Convertible loan notes repayment

Bens CreekAnnouncement

27/02/2023 07:00

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RNS Number : 0668R  Bens Creek Group PLC  27 February 2023

27 February 2023

 

Bens Creek Group plc

 

("Bens Creek", the "Group" or the "Company")

 

Convertible loan notes repayment

 

Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in
North America supplying the steel industry, is pleased to announce that it has
agreed repayment terms with ACAM LP ("ACAM" or the "Lender") in respect of the
outstanding $6m of unsecured convertible loan notes issued to ACAM on 17
February 2022 (the "Second CLN"). The Second CLN will be redeemed in a series
of monthly instalments. Full details of the Second CLN can be found in the
announcement released by the Company on 18 February 2022.

 

Under the repayment plan, a first payment of $250,000 will be made by the
Company to ACAM on or before 28 February 2023 with subsequent monthly
repayments to be made from operational cashflow which the Board expects will
result in full repayment of the $6m principal and accrued interest on the
Second CLN being completed by the end of summer 2023.

 

ACAM, following repayment of the Second CLN, will still hold $6m of
convertible loan notes, details of which were announced on 15 December 2021
(the "First CLN").

 

Adam Wilson, Chief Executive Officer of Bens Creek, commented:

 

"We have been extremely pleased with the support offered by ACAM as we have
reconstructed the business. We are now approaching full production and as such
our operational cash flows enable us to commence paying down loan obligations.
This is the first step towards full repayment of all our loan arrangements."

 

For further information please contact:

 

 Bens Creek Group plc                +44 (0) 204 558 2300

 Adam Wilson, CEO

 Peter Shea, Chief of Staff

 Allenby Capital Limited (Nominated Adviser and Joint Broker)          +44 (0) 203 328 5656

 Nick Athanas / Nick Naylor / George Payne (Corporate Finance)

 Kelly Gardiner (Sales and Corporate Broking)

 WH Ireland Limited (Joint Broker)   +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 

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