’s £3.5m Convertible Loans Notes Facility (CLN), released in March 2018, lapsed on December 31st 2018 without the company calling on providers of the facility to subscribe for any of the Convertible Loan Notes. Initially the CLN was intended to aid the company's participation in drilling of the Wick well in the UK.
A drawdown of the £3.5 CLN became unnecessary after UPL’s successful fundraising of £3m in June 2018 which, when added to the company’s existing cash resources, led UPL directors to consider it “unlikely to need to have this [CLN] available to it.”
The news not only reveals the company’s stable cash resources but is also a positive sign for existing UPL shareholders. By allowing the CLN to lapse, UPL have avoided diluting the value for their existing shareholders as they will not have to create new shares as a return for new investors.
The news of preserved share value and comfortable cash resources has been met with an 8% increase in share price.
For more news and updates on Upland Resources Limited:
Kodal Minerals said it is on track to complete a Mineral Resource estimate update to include all drilling results to date. The project is attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium.
SP Angel morning look at commodities and miners, featuring: Bushveld Minerals* (BMN LN) BUY – Target Price 87p – China to better enforce vanadium compliance Cornish Lithium (Private Company) – Completion of further funding round Ironveld (IRON LN) – Vanadium ore bulk sample delivered to potential off-taker Kodal Minerals* (KOD LN) – Bougouni drilling results LSC Lithium (LSC CN) – LSC Lithium enters definitive arrangement agreement to be acquired by Pluspetrol Rio Tinto (RIO LN) – Q4 and 2018 production results highlight copper Shanta Gold (SHG LN) – $325k worth of convertibles bought back Vast Resources (VAST LN) – $5.5m Mercuria Tranche B update
The Irish based oil and gas exploration company has holds 40% of this license in the southern Porcupine Basin offshore Ireland, containing the undrilled Paleocene “Avalon” exploration prospect.
Five financial stories, trending today in a 70 second podcast, including: A shopping centre has been put up for auction with a starting price of £1 in a move underlining the crisis facing retail landlords. Columbia Threadneedle Investments, the large City fund manager, is selling the Postings Centre in Kirkcaldy, Fife, on behalf of a pension fund.