Convertible Loan Note
Vane Minerals Plc ("VANE" or "the Company") is pleased to announce that on 19th September it agreed in principle to issue to City Natural Resources High Yield Trust a £500,000 convertible loan note with an 8% coupon convertible at 24.37p per share, representing a 30% premium to the then mid market share price of 18.75p.
These funds will be used to continue the aggressive drilling programme on the Company's uranium assets which is targeted towards both the Breccia Pipes and Utah projects. The Convertible is subject to completion of legal documentation and Board approval, which is expected to be finalised within 7 working days.
Matthew Idiens, Director of Corporate Development, commented, "We are encouraged that City Natural Resources is able to show this level of support and confidence in the Company and its assets. The funds will enable us to prove up our uranium projects in the US and further strengthen our portfolio".