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MeldingsID: 433986
Dato/tid 31.08.2017 23:43
Utsteder Element ASA
UtstederID ELE
Instrument ELE
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Oslo (Norway) - 31 August 2017: Intex Resources ASA ("Intex" or the 
"Company") has secured commitment for a zero coupon 50 MNOK 
convertible note facility (the "Convertible Note Facility") from 
Blue Ocean Advisors Inc ("Blue Ocean"), on certain conditions. The 
funding secures financing of Intex planned investment in Ambershaw 
Metallics Inc ("AMI"), further development for implementation of the 
new low CapEx and environment-friendly technology to be applied for 
the Mindoro Nickel Asset, as well as the Company's operational cost. 

"The Convertible Note Facility is a flexible instrument for 
financing Intex' planned activities in Ambershaw and Mindoro going 
forward" says Chairman of Intex; Lars Beitnes. 

"The Facility provides security for coverage of the financing need 
while allowing Intex to seek alternative financing", says acting CEO 
Cecilie Grue.  
The Convertible Note Facility is conditional on agreement on final 
documentation and EGM approval in Intex. 

Under the Convertible Note Facility Intex may draw ten (10) tranches 
(each a "Tranche") of 5 MNOK in convertible bonds over a period of 
three years. The Tranches may be drawn following a "cool down 
period" of maximum 40 days following issuance of any single Tranche. 
Each Tranche entitles Blue Ocean to warrants, as set out below. 
Intex is obligated to draw three (3) Tranches but may choose not to 
draw the remaining if for instance other means of financing at 
better terms becomes available. Each Tranche to be drawn is subject 
to approval by the shareholders through an EGM. 

 "Blue Ocean is proud to initiate this first investment in Norway 
with Intex Resources. We view this investment as very well risk 
adjusted exposure to a recovering commodity market." says Pierre 
Vannineuse, CEO & Founding Partner of the Blue Ocean Investment 

"We are excited to partner with Intex through this firm commitment 
of MNOK 50 and look forward to supporting their upcoming projects" 
Hugo Pingray, COO and Founding Partner of the Blue Ocean Investment 

Key terms of the Convertible bonds
The Exercise price of the Convertible bonds shall equal 90% of the 
lowest daily VWAP of the ten (10) trading days preceding the notice 
of drawdown given by the Company. The convertible bonds are 
convertible at the option of Blue Ocean, but will automatically 
convert twelve (12) months after the issue date. 

Each Tranche triggers payment of a cash fee of 5% of the amount 

Key terms of the Warrants
The Company shall issue Warrants in respect of each Tranche giving 
Blue Ocean the right to a number of shares equaling 50% of the 
shares the convertible bonds of such Tranche entitles them to. The 
exercise price for the Warrants shall equal 120% of the lowest daily 
VWAP during the ten (10) trading days preceding the notice of 
drawdown by the Company. However, 50% of the Warrants of each 
Tranche shall not be more than 30% in the money at any given time. 
The exercise period for the Warrants is three (3) years from the 
date of issue. 

About Blue Ocean Advisors Inc.
Blue Ocean Advisors is the Investment Manager platform of Blue Ocean 
Investments. It mandates is to invest globally through SME's across 
the world which bears unique competitive advantages and true 
potential, providing them with paramount working capital or growth 
capital needed to foster and ignite their growth. For further 
information about Blue Ocean Advisors Inc. contact Pierre 
Vannineuse, Chief Executing Officer, +33 610 32 06 39, 

This information is subject to the disclosure requirements pursuant 
to Section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:
Cecilie Grue
Acting Chief Executive Officer
Telephone: +47 991 62 486
e-mail: cg@intexresources.com.

Lars Beitnes 
Chairman of the Board of Directors
Telephone: +356 7996 1497, 
e-mail: lcb@intexresources.com.

Intex Resources ASA
Prinsensgt. 2
0152 Oslo, Norway
Tel: +47 2311 3344 Email: info@intexresources.com

About Intex:
Intex is a mineral company based in Oslo. The company focuses on 
responsible development of natural resources. Intex currently owns a 
minor ownership interest in the Canadian iron ore company Ambershaw 
Metallics, Inc., which in the course of 12-18 months will have a 
positive cash flow and the company has an option to become 51% owner 
of Ambershaw Metallics. In addition, the company has mining rights 
to Mindoro Nickel in the Philippines. Intex recently received a 
report based on laboratory tests with a new technology, showing that 
the production of Mindoro Nickel can be very profitable with today's 
nickel prices. More information is available at:

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