Paris, April 25, 2023 – Jeantet advised Equitis Gestion, an AMF-accredited management company, as trustee, in connection with the implementation of a trust solution (fiducie-gestion) allowing the restructuring of the debt of Auplata Mining Group (“AMG”) to Euro International Mining LLC (“Euro Mining”), a subsidiary of Tribeca Natural Resources Fund (“TNRF”), the main shareholder of AMG. The total amount of AMG’s debt to Euro Mining, corresponding to the balance of the shareholder loan initially granted by TNRF and sold to Euro Mining, amounted to approximately €28.5 million (nominal and interest already due and to be paid at maturity).
This receivable has been transferred to the trust thus constituted in order to progressively transform it into new AMG shares, through the implementation of a process known as “equitization” carried out through the exercise by the trustee, acting on behalf of the trust, of share subscription warrants issued free of charge by AMG (the “BSAE” or BSA “Equitization”) by way of set-off against the receivable held by the trust on AMG. The BSAE may be exercised by the trustee, acting on behalf of the trust, for a period of 3 years from their issuance and will automatically become null and void once the claim held by the trust on AMG has been fully repaid.
Prior to the implementation of the equitization, the trust will proceed to the sale on the market of the 304,504,786 AMG shares resulting from the partial conversion of the TNRF debt into AMG shares on September 22, 2022, which were transferred to the trust at the same time as the transfer of the above-mentioned receivable.
The implementation of the trust solution is part of the Group’s general debt reduction program announced by AMG, with an objective of reducing debt by between €61.5 million and €75 million in 2023 through a gradual conversion of most of the debt into equity.