Independent Resources has entered into a loan agreement for an unsecured loan of up to £340,000 with Brandon Hill Capital Ltd, an existing shareholder and debt holder in the Company.
Under the Loan Agreement, Brandon Hill has agreed to advance the Loan to the Company, as and when requested by the Company at its sole discretion, save that the Company may not draw down more than £100,000 during any 30 day period of the Loan Agreement's duration.
Combined with the loan agreement entered into on 28 September 2016, if the Loan were to be drawn down in full, IRG would have total indebtedness to Brandon Hill of £500,000, excluding accrued interest.
The Loan carries an interest coupon of 15% per annum and each draw down of the Loan, has a term of 1 year from the date of draw down ("Term"), save that IRG has the discretion to repay the outstanding principal and accrued interest, partially, or in full, at any time prior to the end of the Term, without incurring any penalty for such early repayment.
Brandon Hill has not charged an arrangement fee on the Loan and no interest will be payable on any undrawn principal of the Loan.
The Loan will be used to meet IRG's near term funding requirements and provide additional working capital and liquidity to the Company.
At 9:18am: (LON:IRG) Independent Resources PLC share price was +0.04p at 0.13p