Client NewsBens Creek Group plc: Issue of Convertible Loan Notes to raise $6.0 million
Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, announces that it has raised $6,000,000 (equivalent to c. £4,545,000) through the issue of unsecured convertible loan notes (the “Convertible Loan Notes” or the “Notes”) to ACAM GP Limited (the “Lender” or “ACAM”). ACAM is owned by a UK hedge fund manager and a US based macro investor with over fifty years of combined experience.
The net proceeds of the Convertible Loan Notes will be used to predominately finance future acquisition opportunities and for general working capital purposes. As outlined in the admission document published by the Company on 13 October 2021, the Company has previously stated its strategy of seeking acquisitions of metallurgical coal mines in North America. The Company may also seek acquisitions of coal mines which are not metallurgical but are considered complementary to its business strategy. Furthermore, the Company’s existing strategy includes evaluating prospective lease and royalty arrangements on neighbouring properties to the existing Bens Creek property where the Board of Bens Creek believe there could be potential future value.
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