Client News
Bens Creek Group PLC: Issue of a second convertible loan note to raise an additional US$6.0 millionBens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, is pleased to announce that on 17 February 2022 it agreed to issue a second convertible loan note (the “Second CLN”) to raise an additional US$6.0 million for the Company. The Second CLN is being issued to ACAM LP (“ACAM” or the “Lender”). The terms of the Second CLN are broadly the same as the first convertible loan note issued by the Company on 14 December 2021 (the “First CLN”), apart from the conversion price, which is set at 40p per new ordinary share, and the rate of interest, which is reduced to 12 per cent per annuum from 15 per cent. Further details of the terms of the Second CLN are set out below.
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