Fortbridge Media ReleaseUniversal Coal [ASX: UNV] - Universal Coal Secures Strategic FundingUniversal Coal Plc (ASX: UNV) has executed funding documents with Susquehanna International Group LLP (through its subsidiary Susquehanna Pacific Pty Ltd) for funding support up to A$12m, of which it will draw down an initial A$7m in May 2012.
As part of a strategic roadmap developed and approved by the Board, Universal has secured a facility which provides additional capacity to the companys Balance Sheet whilst not diluting shareholders at this time.
Highlights:
* A$12m converting note facility secured with one of the worlds largest private financial institutions
* Initial note facility of A$7m
* Facility structured to ensure no immediate dilution to shareholders
* Facility to be fully converted by the maturity date (7 years)
* Funds will be used to:
- advance phase two drilling Berenice-Cygnus coking coal project
- finalise engineering work on the Kangala thermal project, and
- provide the Company with additional working capital
Please see more on the attached announcement.
For further information, please contact:
Anthony Ward
Head of Commercial & Corporate Affairs
Universal Coal Plc
+612 8116 8701
Fortbridge
+61 2 9003 0477
Bill Kemmery
+61 400 122 449