- Equus Mining (EQE) raises $1.54 million via an institutional placement to advance exploration and resource evaluation across the Cerro Bayo project in Chile
- Equus is issuing around 12.7 million new shares in the first tranche and, subject to shareholder approval, will issue 2.7 million to company directors at 10 cents per share
- The company will also be provided with a two-year US$2.2 million (A$3.15 million) corporate debt facility for the project, under a deal with Tribeca Global Resources Credit
- Shares in Equus Mining hold steady at 11 cents at 3:33 pm AEST
Equus Mining (EQE) has raised $1.54 million via an institutional placement to advance exploration and resource evaluation across the Cerro Bayo project in Chile, and for working capital.
Under the placement, the company will issue around 12.7 million new shares in the first tranche to raise the initial $1.27 million. The second tranche, subject to shareholder approval, will issue 2.7 million to the company directors.
The shares will be issued at 10 cents each which represents a 10.79 per cent discount to the five-day volume-weighted average price.
Also, the company has entered into an agreement with Tribeca Global Resources Credit where Equus will be provided with a two-year US$2.2 million (A$3.15 million) corporate debt facility (CDF).
Funds received in the CDF will also go towards the Cerro Bayo project’s exploration and resource evaluation.
Key commercial terms for the CDF include a 10 per cent interest rate, five per cent upfront fees and the company issuing unlisted options to Tribeca to acquire company shares at 15 cents per share.
Shares in Equus Mining held steady at 11 cents at 3:33 pm AEST.