African Pioneer PLC (GB:AFP) has released an update.
African Pioneer PLC has secured a flexible funding facility up to £1 million from Sanderson Capital Partners Ltd, with additional option to extend by £500,000, aimed at bolstering the company’s working capital amidst market uncertainties. The facility, which is interest-free with convertible options, strengthens African Pioneer’s financial position as it continues its resource exploration activities in Namibia, Botswana, and Zambia. Investors can anticipate potential equity conversion at 2.8 pence per ordinary share, with an optional facility convertible at 4 pence per share, subject to fulfilling certain conditions.
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