Baobab Resources has increased its equity line facility with Dutchess Opportunity Cayman Fund Ltd and First Columbus by £12m to £17m. The ELF may be drawn down in tranches linked to Baobab's average daily trading volume in the three days prior to the notice of draw down or in other specified amounts. The company is able to specify a minimum acceptable price for each tranche to prevent shares being sold in the market at an unacceptable discount. Of the total ELF, £1,958,700 has been drawn down by the company to date. In connection with this increase, Baobab will pay a fee of £96,000 to be satisfied through the issue of 203,714 new ordinary shares at 47.1p per share. At 1:05pm: (LON:BAO) share price was +1.13p at 48.25p Story provided by StockMarketWire.com
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