Demand takes wind out of New Energy's sails

FAILED ruby miner turned potential graphite-vanadium miner New Energy Minerals has seen its shares battered this morning with announcements of a statutory demand from a former major shareholder for A$5.1 million and a previously undisclosed familial boardroom relationship overshadowing a new $5 million capital plan.

Demand takes wind out of New Energy's sails Demand takes wind out of New Energy's sails Demand takes wind out of New Energy's sails Demand takes wind out of New Energy's sails Demand takes wind out of New Energy's sails
In terms of the bad news, Arena Investors has served a $5.1 million demand, arising from debts allegedly owed by the company under the terms of the convertible note deed, including a termination fee of $2.5 million.
 
US-based Arena came to the party with a pledge to invest $19.95 million in Mustang over several tranches over two years in January, but quickly revised the term sheet for its notes.
 
New Energy says it does not accept the quantum of Arena's claim, as it says Arena agreed to waive the 15% termination payment as part of a deal to merge its ruby assets with TSX-V concern Fura Gems in August.
 
It says it will repay what it claims it owes, $2.6 million, as soon as possible, and it is t...

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