INTEX RESOURCES ASA SECURES CONVERTIBLE NOTE FACILITY OF MNOK 50
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
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:
Acting Chief Executive Officer
Telephone: +47 991 62 486
Chairman of the Board of Directors
Telephone: +356 7996 1497,
Intex Resources ASA
0152 Oslo, Norway
Tel: +47 2311 3344 Email: firstname.lastname@example.org
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: