Aguia Secures AU$2.7 Million in Loans, Shares Rise 7%

MT Newswires Live07-10

Aguia Resources (ASX:AGR) has secured AU$2.7 million in loan funding, including AU$500,000 from Chairman Warwick Grigor, to support mine development and exploration, and for working capital, according to a Thursday filing with the Australian bourse.

The loans carry 10% interest per year, are repayable in 12 months, and are convertible into shares at AU$0.035 per share, subject to shareholder approval, the filing said.

The company will also issue options to lenders at a price of AU$0.045 per share, expiring two years from issue, if approved, the filing added.

The receipt of AU$750,000 through the issue of convertible notes will be treated as a loan on the same terms, the company said.

Shares of the company rose 7% in recent Thursday trade.

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