Atlas Mining uses loan proceeds to settle old debts
12/02/2009 | 09:09 PM
Atlas Consolidated Mining and Development Corp. has drawn the entire amount of a $25 million loan it borrowed from Banco de Oro Unibank Inc. and Globalfund Holdings Inc.
Portions of loan proceeds will be used to fully settle debts owed to London-based Spinnaker Capital Group, the company said in a disclosure to the Philippine Stock Exchange (PSE).
In July last year, the company borrowed $20 million from Spinnaker, a hedge fund investing in emerging markets, to bankroll rehabilitation of its subsidiary’s copper mine.
Located in Toledo City, Cebu province, the copper mine is run by its subsidiary Carmen Copper Corp.
Last November 27, Atlas entered into an agreement with Banco de Oro and Globalfund for a three-year convertible loan and security agreement.
Share prices of Atlas rose 20 centavos to P9.10 apiece during Wednesday’s trading at the PSE. - RJAB Jr., GMANews.TV
Portions of loan proceeds will be used to fully settle debts owed to London-based Spinnaker Capital Group, the company said in a disclosure to the Philippine Stock Exchange (PSE).
In July last year, the company borrowed $20 million from Spinnaker, a hedge fund investing in emerging markets, to bankroll rehabilitation of its subsidiary’s copper mine.
Located in Toledo City, Cebu province, the copper mine is run by its subsidiary Carmen Copper Corp.
Last November 27, Atlas entered into an agreement with Banco de Oro and Globalfund for a three-year convertible loan and security agreement.
Share prices of Atlas rose 20 centavos to P9.10 apiece during Wednesday’s trading at the PSE. - RJAB Jr., GMANews.TV
