Last 5.38 GBp
Change Today 0.00 / 0.00%
Volume 50.0K
SRB On Other Exchanges
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As of 3:13 AM 10/2/14 All times are local (Market data is delayed by at least 15 minutes).

serabi gold plc (SRB) Snapshot

Open
5.38 GBp
Previous Close
5.38 GBp
Day High
5.38 GBp
Day Low
5.38 GBp
52 Week High
08/5/14 - 7.38 GBp
52 Week Low
04/3/14 - 4.38 GBp
Market Cap
35.3M
Average Volume 10 Days
280.5K
EPS TTM
-0.01 GBp
Shares Outstanding
656.4M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for SERABI GOLD PLC (SRB)

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serabi gold plc (SRB) Details

Serabi Gold plc is engaged in the evaluation, exploration, and development of gold projects in Brazil. It also explores for copper. The company primarily holds 100% interest in the Jardim do Ouro project, which includes the Palito Mine and exploration licences covering 53,000 hectares around and in close proximity to the Palito Mine located in the Tapajos region of northern Brazil. Serabi Gold plc was founded in 1999 and is headquartered in London, the United Kingdom.

116 Employees
Last Reported Date: 03/28/14
Founded in 1999

serabi gold plc (SRB) Top Compensated Officers

Chief Executive Officer, President, Executive...
Total Annual Compensation: $232.3K
Chief Financial Officer, Finance Director, Co...
Total Annual Compensation: $216.6K
Country Manager of Brazil
Total Annual Compensation: $222.2K
Compensation as of Fiscal Year 2013.

serabi gold plc (SRB) Key Developments

Serabi Gold plc Appoints Felipe Swett as Non-Executive Director

Serabi Gold plc announced the appointment of Mr. Felipe Swett as a Non-Executive Director of the Company with immediate effect. Mr. Swett is a Partner and heads the asset management team at Asset Chile, a Chilean-based investment bank. Mr. Swett joined Asset Chile in 2003 as an Analyst and as part of the corporate finance team and has led the Asset Management division since 2010.

Serabi Gold plc Enters into A $8 Million Secured Loan Facility Arrangement

Serabi Gold plc announced that it has entered into a $8 million secured loan facility arrangement with the Sprott Resource Lending Partnership, part of the Sprott Inc. group of companies. The Facility is for a term expiring on 31 December 2015 and carries interest at a rate of 10% per annum. The Facility will be used to provide additional funding for the continued development of the Palito Mine and the Sao Chico gold project, to finance an additional drilling programme at Sao Chico and for general corporate purposes. The Facility is subject to a number of conditions precedent, including execution of security documentation in favour of Sprott over the assets of the Group, and may be drawn down in up to three tranches with the first Tranche of $3 million having been released on 26 September 2014 concurrent with the closing of the transaction. The second and third tranches will be available until 31 December 2014 and drawdown will be subject to Serabi's on-going compliance with the terms of the Facility and the completion of the registration of all the security arrangements subjects to Sprott's right to waive in whole or part any such requirement at any time. Serabi has provided to Sprott certain covenants and undertakings, consistent with normal bank lending arrangements, including an undertaking to maintain at all times working capital in excess of $4 million and a minimum of $1 million in unrestricted cash and cash equivalents The Facility is subject to standard events of default. Serabi has agreed to pay Sprott a structuring fee of $80,000 and Serabi has granted to Sprott a call option over 4,812 ounces of gold at a strike price $1,285. Sprott has the right to exercise its call option, subject to a minimum of 500 ounces, at any time up to 31 December 2015. The call options when exercised will be settled in cash and at the option of the Borrower may be added to the Facility provided that in so doing this does not cause a breach of the Facility and that the principal balance of the Facility does not exceed $8 million. Serabi may prepay in whole or part any amount of the Facility prior to 31 December 2015 without penalty provided that not less than six months of interest on the amount prepaid, has been paid to Sprott. Serabi has been assisted in securing the Facility and in its negotiations with Sprott, by Medalist Capital Ltd.

Serabi Gold plc Operational Update at Sao Chico

Serabi Gold plc announced an operational update on its wholly owned Sao Chico Gold project in the Tapajos region of Para State, Northern Brazil. The highlights are development work at Sao Chico is now progressing well, an approximately 20 meter deep 'cutback' has been excavated in the unconsolidated saprolite surface material. The excavated soil has been used to remediate much of the historical artisanal workings adjacent to the planned underground mine, With hard granodiorite bedrock exposed, hard rock blasting is now underway, Five additional veins 'outside the current geological resource' discovered during the cutback excavation, dedicated mining fleet already at site and ready to be deployed, Initial camp for workforce close to completion. The mine portal is now being established in the bedrock and is scheduled for completion before the end of September. To date, extraction of softer saprolite material has been by 'free digging' and in the last month the Company has secured arrangements to be able to commence blasting. With underground development and a surface drill programme planned to be underway during the fourth quarter of this year, the Company intends to provide shareholders with an updated geological resource for Sao Chico by the end of the first quarter of 2015. With the second ball-mill now operating at Palito, some 25 kilometers away, it remain on course to see the first development ore from Sao Chico being delivered to the Palito process plant before the end of 2014.

 

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