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
Colin Bird, Chairman
|
Tel +44 (0) 20 7581 4477
|
|
Beaumont Cornish Limited (Financial
Adviser)
Roland Cornish/Asia
Szusciak
|
Tel +44 (0) 20 7628 3396
|
|
Novum Securities Limited
(Broker)
Jon Belliss
|
Tel +44 (0) 20 7399 9400
|
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.