Amur Minerals Corporation Q4 2020 NRR Convertible Loan Note Payment Receipt (6809L)
January 14 2021 - 1:40AM
UK Regulatory
TIDMAMC
RNS Number : 6809L
Amur Minerals Corporation
14 January 2021
14 January 2021
Amur Minerals Corporation
("Amur" or "the Company")
Q4 2020 NRR Convertible Loan Note Payment Receipt
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to announce
that on 4 January 2021, Amur received its Q4 2020 interest payment
of US$164,768 based on the US$ 4.67 million Convertible Loan Note
("CLN") investment for the resumption of production at the Northern
Territories, Australia Roper Bar Iron Ore Project (the "Project")
operated by Nathan River Resources Pte Limited ("NRR").
Highlights:
-- This payment is the first full quarter payment totaling US$
164,768 for period of Q4 2020 ending 31 December 2020.
-- The coupon for the US$ 4.67 million investment is 14% and is
convertible to 13.43% of the current share capital in NRR.
Conversion is scheduled for 25 August 2023.
-- As at 31 December 2020, two vessels had been loaded and
departed for China. The third shipment anticipated to depart from
the Bing Bong port facility on 14 January 2021.
The NRR Roper Bar Investment
Amur's interest in NRR is held through its wholly owned
subsidiary, Carlo Holdings Limited ("CHL"). The purchase value of
the CLN's was US$ 4.67 million and is convertible to 13.43% of the
share capital of NRR, a privately owned company.
The CLNs are convertible at the holder's option at any time from
issue until 15 days prior to their maturity date on 25 August 2023.
Amur's CLNs may be converted into 13.43 % of the current issued
share capital of NRR. Any CLNs not converted by the third
anniversary of issue will be redeemable at par. CLNs may be
redeemed early by NRR at any time but in such circumstances the
relevant holder is entitled to be issued with a warrant giving it
subscription rights over shares in NRR equivalent to the conversion
rights attaching to the CLNs and a penalty payment equal to all of
the unpaid but due coupons to maturity. Glencore is also a holder
of CLNs which are convertible into the equity of NRR.
The CLNs provide security over the issued share capital of NRR
Group Pty Ltd and its subsidiary's interest in the mineral leases
and mineral exploration licenses owned by it in connection with the
Roper Bar Project once CHL / Amur receive Foreign Investment Review
Board ("FIRB") confirmation that there is no objection to grant
such security. This remains to be completed and Mr. Adam Habib,
President of Amur and a member of the NRR board of directors will
notify the Company when complete.
The Roper Bar Iron Ore Project
The Roper Bar Iron Ore Project was acquired by NRR in 2017 and
is situated in the Northern Territory of Australia. Mining
operations resumed in October 2020 wherein ores could be shipped
without the need for significant processing, referred to as Direct
Shipping Ore ("DSO"). An offtake agreement exists between Glencore
and NRR for the marketing and distribution of the project's iron
ore.
The Roper Bar Project has a fully integrated 'pit-to-port'
logistics chain including a privately owned 171 km paved access
road to a port which includes an existing barge load-out facility
and product stockyard. NRR has a 2-stage restart programme with
Stage 1 covering 4.0 Mt of DSO and 1.0 Mt of DMS (Dense Media
Separation) production at 1.5 - 1.8 Mtpa over 3 years. Stage 2
expansion includes the installation of a silica flotation plant
with target production of 4 - 5Mtpa of lump, fines and
concentrate.
Robin Young, CEO of Amur Minerals Corporation, commented:
"The Nathan River Resources' Roper Bar Iron Ore Operation has
benefitted from the more than 50% run up in iron ore prices during
2020. Despite the Covid-19 pandemic, iron ore availability to
maintain China's continued and robust steel demand has and is
projected to provide strong price support for the iron ore industry
over the course of the next year. This setting indicates the likely
existence of a ready market for the Roper ores.
Having reached the end of the year, our lead contacts with NRR
President Adam Habib and Mining Advisor Robert Marsden are now
compiling the close out report for AMC's Board of Directors. I look
forward to providing the year end operational update to our
shareholders when Mssr's Habib and Marsden have completed their
work."
For more information on AMC's assets, visit www.amurminerals.com
and twitter page @amur_minerals regarding the Kun-Manie nickel
copper sulphide project and www.nathan-river.com for the Roper Bar
Iron Ore project.
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges and a qualified person as
defined by the AIM Rules for Companies. An employee of Amur for 15
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Richard Morrison Megan Ray
Adam Cowl Tim Blythe
+44 (0) 20 7138
+7 (4212) 75 56 15 +44 (0) 20 3470 0470 3204
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