Nativo Resources plc has secured £2 million financing, via a susbcription and convertible loan note, with institutional investor YA II PN Ltd, which is managed by Yorkville Advisors Global LP.
TVRs
Yorkville will subscribe £200,000 for 45,454,545 new ordinary shares, each at a price of £0.0044.
The principal amount of the unsecured CLN is £1.8m, advanced net of fees, and with a maturity date of 12 months.
The agreement has an at-the-market (ATM) equity issuance facility with the Nativo’s corporate broker, AlbR Capital Ltd, of up to £2m.
YA may convert the CLN to new Nativo shares at £0.0051 per share, representing a 15% premium to the closing price of the shares at the end of the trading day immediately prior to the completion date.
Nativo will apply to admit to trading 45,454,545 subscription shares, plus 4,545,454 shares as settlement of a 1% commitment fee.
Following admission of the total 49,999,999 ordinary shares, Nativo’s issued share capital will comprise 514,460,618 ordinary shares, with voting rights.
FOCUS
Proceeds will go towards resumption of mining at the Bonanza gold mine, build and commission the La Patona gold ore processing plant, and initiate the feasibility study for the tailings deposit, all in Peru.
Chief executive Stephen Birrell said that “a multitude of parties offering various funding opportunities” had approached Nativo over the past few months.
“Our short-term focus is firmly on resuming gold mining and putting the processing plant into operation.
“The Yorkville Group funding and ATM facility will enable these goals.
“We look forward to a partnership with Yorkville Group and believe that it can further assist us in achieving our medium- and long- term goals for bringing the tailings into gold production and acquiring new gold mining opportunities.”