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Buffalo Coal Secures an Additional US$4.0 Million Loan Facility

TORONTO, ONTARIO–(Marketwired – Feb 2, 2015) – Buffalo Coal Corp. (BUF.TO)(JSE:BUC) (“Buffalo” or “the Company”) announces that the Company has signed a term sheet (the “Term Sheet”) to secure an additional US$4.0 million loan facility from Resource Capital Fund V L.P (“RCF”).

Despite the restructuring initiatives which have been implemented throughout the Company during 2013 and 2014 and the financing already secured from RCF, current market conditions and operational performance have necessitated further restructuring and a requirement for additional capital in order to improve operating efficiencies, support the Company’s working capital requirements during the proposed restructuring period and return to profitability, thereby ensuring that Buffalo remains sustainable into the future.

Under the terms set out in the Term Sheet, the US$4.0 million will be advanced as a bridge loan (“the Bridge Loan”), and subject to receiving regulatory and shareholder approvals as may be required (the “Approvals”), will roll over into Buffalo’s existing US$25.0 million convertible loan with RCF (“the Existing Convertible Loan”), under the same terms and conditions except for the proposed amendments to the interest rate and conversion price as set out below and the increased amount available under the loan.

Bridge Loan

The Bridge Loan will be used for capital investments, general working capital and to implement the proposed restructuring process at Buffalo’s operations in Dundee, South Africa, as announced on December 22, 2014. Funds from the Bridge Loan will be available upon satisfaction of the conditions precedent set out in the Term Sheet and will be drawn on an as needed basis.

The Bridge Loan will bear interest at a rate of 15% per annum, payable on the maturity date which is the earlier of the date on which all Approvals are received or June 30, 2015. Subject to receipt of the Approvals, interest will be payable in common shares of Buffalo (“Common Shares”) at a price per share equal to the 20-day volume weighted average price (“VWAP”) as at the date the payment is due.

No establishment fees will be incurred on the Bridge Loan.

Upon receipt of the Approvals, the Bridge Loan will roll into the Existing Convertible Loan (as discussed below). If the Approvals are not received by June 30, 2015, the Bridge Loan and all accrued but unpaid interest due to RCF will be immediately due and payable in cash.

Convertible Loan

Subject to receipt of the Approvals, the Bridge Loan will roll over into the Existing Convertible Loan, resulting in an aggregate US$29.0 million convertible loan facility with RCF (the “Convertible Loan”). The Convertible Loan will have the same terms and conditions as the Existing Convertible Loan, except for the following changes to the interest rate, conversion price and the increased amount available under the loan. The Existing Convertible Loan bears interest at a rate of 12% per annum and is convertible into Common Shares at a price of C$0.1446. Subject to receipt of the Approvals, the interest rate on the Convertible Loan will be increased to 15% per annum and the conversion price will be decreased to C$0.0469, a 25% discount to the 5-day VWAP as at the date prior to the date of release of this announcement.

The Approvals

The issuance of Common Shares to RCF in satisfaction of interest obligations under the Bridge Loan, the conversion of the Bridge Loan, and the adjustment of the interest rate and conversion price on the Existing Convertible Facility are subject to regulatory and shareholder approvals. Buffalo intends to seek approval of its shareholders for these matters at the Annual General Meeting to be held no later than June 30, 2015. As these transactions are related party transactions under Multilateral Instrument 61-101, RCF and its affiliates holding Buffalo Common Shares will not vote on these matters at this meeting.

Other Transaction Terms

The Term Sheet provides that if Buffalo terminates the Bridge Loan or is unable to proceed with the Bridge Loan (other than in instances where Buffalo or any of its subsidiaries are unable to proceed with the Bridge Loan because of the failure to obtain regulatory approvals on the terms set out therein, including, but not limited to, any exchange control approvals or approval by the TSX), Buffalo shall promptly pay to RCF a termination fee of 5.0% of the Bridge Loan amount if the Bridge Loan is not advanced, payable in cash.

The Term Sheet provides that the Bridge Loan will be subject to a number of usual and customary conditions precedent for a transaction of this nature, including the execution of definitive transaction documents and will close on February 28, 2015 or such earlier date as the parties may agree.

About Buffalo Coal

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd (“Zinoju”). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.

Cautionary Notes:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Buffalo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Buffalo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

[…]

John Oliver enlists Sarah Silverman to take down payday loans

6 SHARES

Every week, Last Week Tonight, takes one particular issue to task for a longer segment. On Sunday, John Oliver enlists Sarah Silverman to explain how payday loan companies are not our friends. There are currently more payday loan stores (which does not mean paying for a loan in Payday candy bars) in American than McDonalds or Starbucks, and they are sadly not going anywhere. Watch Silverman star in Oliver’s counter-campaign for a payday loan alternative called, “Anything Else.”

[…]

Forbes Coal Closes First Tranche of US$25 Million Loan Facility

TORONTO, ONTARIO–(Marketwired – Feb 5, 2014) – Forbes & Manhattan Coal Corp. (“Forbes Coal” or the “Company“) (FMC.TO)(FMC.TO) has closed on the first tranche of the previously announced secured convertible loan facility from Resource Capital Fund V L.P (“RCF“) in the aggregate principal amount of up to US$25 million (the “Facility“). The first tranche consists of a bridge loan (the “Bridge Loan“) in the amount of US$4 million. The remainder of the Facility consists of a convertible loan in the principal amount of up to US$15 million (the “Convertible Loan“), and a refinancing of the existing US$6 million convertible loan facility completed between the Company and RCF on September 6, 2013 (the “Refinancing“). The Bridge Loan is to be used for general working capital in relation to Forbes Coal’s operations in Dundee, South Africa as well as to facilitate the closing of the Company’s Toronto office.

In connection with the Bridge Loan, RCF will receive an establishment fee equal to 5% of the value of the Bridge Loan, payable in common shares in the capital of Forbes Coal (“Common Shares“), issued at a price of C$0.1446 per Common Share.

The Bridge Loan will bear interest at a rate of 15% per annum, payable each month. Interest payment obligations under the Bridge Loan may be satisfied in cash, or, at the option of RCF, through the issuance of Common Shares valued at the 20-day volume-weighted average price (“VWAP“) of the Common Shares on the Toronto Stock Exchange prior to the relevant interest payment date.

The Bridge Loan will mature on June 30, 2014, provided that if Forbes Coal receives all necessary shareholder approvals as may be required in connection with the Facility, the Bridge Loan will convert into a convertible loan with the same terms and conditions as the Convertible Loan, with the principal amount of the Bridge Loan convertible into Common Shares at a price of C$0.1446 per Common Share.

The issuance of Common Shares to RCF upon conversion of the Bridge Loan, the Convertible Loan and the Refinancing, in satisfaction of interest obligations under the Convertible Loan and the Refinancing, and in satisfaction of the establishment fee payable in connection with the Convertible Loan are subject to shareholder approval. Forbes Coal intends to seek approval of its shareholders for these issuances at a special meeting to be held no later than April 30, 2014. Pursuant to the policies of the TSX and Multilateral Instrument 61-101 – Protection of Minority Shareholder in Special Transactions (“MI 61-101“), RCF will not vote on the resolution approving the issuances of the Common Shares to RCF under the Facility.

About Forbes Coal

Forbes Coal is a growing coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Forbes Coal (Pty) Ltd., a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd. (“Zinoju“). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Forbes Coal has an experienced coal-focused management team.

Cautionary Notes:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Facility, the meeting to be held in connection with approval of the issuance of certain Common Shares issuable under the Facility and future financial or operating performance of Forbes Coal and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Forbes Coal to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Forbes Coal has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Commodity MarketsCompany Earningsbridge loan Contact:

Forbes & Manhattan Coal Corp.

Craig Wiggill

Executive Chairman and Interim CEO

+27 11 656 3206

crwiggill@gmail.com

Forbes & Manhattan Coal Corp.

Sarah Williams

Chief Financial Officer

swilliams@forbescoal.com
www.forbescoal.com […]

Resource Capital Fund V L.P. Announces $6 Million Convertible Loan Facility with Forbes & Manhattan Coal Corp.

VANCOUVER, Sept. 4, 2013 /CNW/ – Resource Capital Fund V L.P. (“RCF V“) reports that on September 4, 2013, RCF and Forbes & Manhattan Coal Corp. (“Forbes Coal“) entered into a loan agreement (the “Loan Agreement“) for a secured US$6,000,000 convertible loan facility with a maturity date of June 30, 2016 (the “Loan“).

Pursuant to the terms of the Loan Agreement, Forbes Coal agreed to pay RCF V an establishment fee equal to 3% of the Loan, or US$180,000. This fee is payable in cash or, at the option of RCF and subject to approval by shareholders of Forbes Coal (“Shareholder Approval“), common shares of Forbes Coal (“Common Shares“) at a price of C$0.36 per Common Share (the “Fee Shares“).

Interest accrues on the Loan at a rate of 10% per annum, payable on each calendar quarter. Upon receipt of Shareholder Approval, the interest rate will decrease to 8% per annum and RCF may elect that Forbes Coal pay accrued interest in common shares (the “Interest Shares“). The Interest Shares shall be issued at the volume weighted average price of the Common Shares on the TSX Venture Exchange for the 20 trading days (the “20-Day VWAP“) prior to the interest payment date. If Shareholder Approval is not obtained, the interest rate of the Loan will increase to 15% per annum, all interest payments must be paid in cash and the Loan’s maturity date will be accelerated to June 30, 2014.

Subject to Shareholder Approval, US$2,000,000 of the Loan will automatically convert into Common Shares, such conversion to occur concurrently with the completion of a proposed private placement of Common Shares by Forbes Coal that does not involve RCF V, and the remaining amount of the Loan will become convertible into Common Shares at the option of RCF (the “Conversion Shares“). The Conversion Shares shall be issued at a price of C$0.36 per Common Share.

The Loan, and the issuance of any Common Shares pursuant to the Loan Agreement, is expected to be presented for Shareholder Approval at the annual and special meeting of Forbes Coal currently scheduled to take place on September 11, 2013.

Immediately prior to entering into the Loan Agreement, RCF owned and controlled 6,867,443 Common Shares representing approximately 19.97% of the outstanding Common Shares. Assuming the issuance of all Fee Shares, Interest Payment Shares (using a 20-Day VWAP of C$0.32) and Conversion Shares that RCF may become entitled to, and assuming a foreign exchange rate of C$1.00 to US$1.00, RCF would own and control 28,294,767 Common Shares, representing approximately 50.1% of the outstanding Common Shares.

The securities were acquired for investment purposes. RCF will evaluate its investment in Forbes Coal from time to time and may, based on such evaluation of market conditions and other circumstances increase or decrease its shareholding in Forbes Coal.

[…]

Global Cobalt Re-Structures Convertible Loan Financing

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jul 11, 2013) – GLOBAL COBALT CORP. (“Global Cobalt”) (TSX VENTURE:GCO) (the “Company”) wishes to announce that the terms of the loan agreement described in the Company’s news release dated May 30, 2013 have been amended.

Pursuant to a new loan agreement dated July 8, 2013 between Global Cobalt and Imperial Mining Holding Limited (“IMHL“), the Company will still receive an amount of US $4.67 million (the “Loan“) in debt financing, with a maturity date of two years from closing. The Loan proceeds will be advanced in three separate tranches, and will accrue interest at 8% per annum, to be paid on a monthly basis. Interest may be paid by the issuance of common shares of the Company, subject to the consent of IMHL and the prior approval of the TSXV, or in cash.

As consideration for providing the Loan, IMHL will receive the maximum number of bonus shares allowable under applicable TSXV policies, anticipated to be a maximum of 9,880,340 common shares based on a deemed price of $0.10 per share and currency exchange rate as at noon of July 10th, 2013. The bonus shares will be issued on a pro-rated basis concurrent with each advance of the Loan. In the event that any issuance of bonus shares would result in the creation of IMHL as a new control person of the Company, such issuance will be subject to the Company having received the requisite shareholder approval. The issuance of bonus shares will be subject to the Company receiving all necessary prior approvals from the TSXV. All bonus shares will be subject to a four month hold period from the date of issuance in accordance with applicable securities law.

The Company will use US $3 million of the Loan proceeds for the proposed work program on the Karakul Property (see the Company’s news release dated May 28, 2013 with respect to its earn-in option to acquire (the “Acquisition“) up to a 100% interest in and to the Karakul Property and other mineral interests located in the Altai Republic of Russia). The remainder of the Loan proceeds will be used to repay indebtedness owing by the Company, and for working capital. The closing of the Loan is subject to receipt of TSXV approval and is dependent on the receipt of TSXV approval on the proposed Acquisition.

The Company would also like to announce that it has issued an aggregate of 368,846 common shares (the “Advisory Fee Shares”) of the Company at a deemed price of $0.11 per share to Euro Pacific Canada Inc. (“EuroPac”). The Advisory Fee Shares are being issued in payment of services rendered under an agreement pursuant to which EuroPac has provided advisory services to the Company. Further information of the agreement was announced in the Company’s news release dated July 8, 2013.

The Advisory Fee Shares issued are subject to four-month resale restriction that expires on November 11, 2013.

Additionally, the Company has issued 108,108 shares to Martini Coast Holdings Inc. pursuant to the amended loan agreement as previously announced in the Company’s news release dated May 31, 2013.

Global Cobalt Corporation:

Global Cobalt Corporation is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.

Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Global Cobalt Corporation

Mr. Mitchell Smith

Corporate Development

(604) 688-4219

(604) 688-4215

info@globalcobaltcorp.com
www.GlobalCobaltCorp.com […]

Cash Converters takes hit on new laws

UPDATE 2.25pm: Shares in Cash Converters have slumped after the company warned it would take a hit on new laws that make its cash advance product more complicated and time consuming for customers and staff.

The micro-lender warned the additional checks and balances introduced by the new consumer credit legislation laws, which came into effect on March 1, had hit its loan volumes by 2.36 per cent in March, 26.3 per cent in April and 12.56 per cent in May 12.56 per cent.

“This (the new legislation) has had a significant short term impact on the volume of loans written as both staff and customers become familiar with the new requirements,” the company said in a statement.

However Cash Converters said May was a record month for its personal loan product with many cash advance customers move over to a longer duration, higher value loan.

“We expect to see profitability to pick up over the next six months,” the company said.

Managing director Peter Cumins said the regulatory change and the system adjustments the company had put in place was always going to result in a transition period for customers.

“We believe the demand for short term loans continues to grow and the impact we are experiencing in our cash advance product will not impact the overall demand for our financial products over the longer term,” he said.

Mr Cumins said he still expected full-year 2013 profit to be slightly higher than in 2012.

The new consumer credit laws are designed to protect vulnerable, cash-poor consumers from being exploited by short-term lenders.

Cash Converters shares closed down three cents, or 2.94 per cent, at 99 cents after hitting an earlier low of 82 cents.

[…]

Pawn shop growth lifts First Cash 1Q profit 16 pct

ARLINGTON, Texas (AP) — First Cash Financial Services Inc. said Wednesday that net income rose 16 percent in its fiscal first quarter, as fees and sales from its pawn shops grew.

The Arlington, Texas, company runs pawn shops and payday loan centers in the U.S. and Mexico. About two-thirds of its stores are in Mexico, and it anticipates that more than 90 percent of its revenue this year will come from the pawn business.

First Cash earned $20.3 million, or 68 cents per share, in the January-March quarter. That matched analyst expectations and was up from $17.5 million, or 58 cents per share, in the same months a year ago.

Revenue climbed 20 percent, to $160.8 million from $134.6 million. Analysts polled by FactSet expected $157.5 million.

Merchandise sales from pawn shops rose 31 percent, while pawn loan fees rose 24 percent. Wholesale jewelry sales fell 4 percent, hurt by a decline in gold prices. Revenue from the payday lending business also declined.

The company got a boost from 22 new stores, all but one in Mexico.

First Cash kept a previous outlook for the year, for profit of between $3.10 and $3.24 per share. Analysts expect earnings of $3.22 per share.

Shares were inactive in premarket trading Wednesday. The stock has risen 25 percent over the past 12 months.

[…]

PayDay Loans Online Mag For ProAdvice and Finance News | E …

E-Trade Financial Corp.’s shares dropped after its largest shareholder announced it would sell its entire stake in the company. Citadel Equity Fund Ltd. said it would sell the 27.4 million shares. E-Trade would not get anything from the deal.

The hedge fund has a 9.6 percent stake in E-Trade. The financial services company has been struggling to recover from its bad investments since housing market collapsed. It has lost business as investors pulled money out of the stock market. E-Trade has been trying to manage costs and decrease risks as it experienced less trading activity.

Citadel pushed for a sale of E-Trade in the past. With its liquidation of its stake in the company, it is safe to say that a deal would unlikely to happen in the near future. After the release of the news that Citadel is pulling out of E-Trade, analysts downgraded their rating on the company from hold to sell.

Analysts expect E-Trade stock to continue its downward trend, after it gained more than 30 percent in 2013. On Thursday, the shares began the day more than 15 percent above his $10 price target. Its shares have traded down for a long period of time after Citadel made its secondary offerings.

Citadel’s liquidation plan could decrease the premium the company could get for its business in the future, if ever it decides to sell. But analysts believe E-Trade will not sell within the year.

Shares of E-Trade dropped 71 cents or 6 percent to $11.11 by noon Thursday. Its shares have gained around 50 percent since November. They reached a 52 week high Wednesday when it closed at $11.82.

Ken Griffin, founder of Citadel, was one of the highest earnings hedge fund managers in 2012. He got $900 million as his flagship funds earned 25 percent.

[…]

Cash Converters jumps on $32.7m raising

Shares in Cash Converters jumped after the company late yesterday announced a $32.7 million capital raising to fund growth initiatives.

The company said it would place 38.5 million new shares priced at 85 cents each with institutional and sophisticated investors of Hartleys.

“The funds from the placement will be used to acquire stores within the franchised network, to open new corporate stores and to finance the growth of the Australian and UK personal loan books,” the company said in a statement.

The company said the raising was “substantially oversubscribed with strong support from new and existing shareholders”.

Cash Converters managing director Peter Cummins said the raising would place the company in a strong position to increase its store network and fund the fast-growing personal loan books.

“Following our strong first quarter and the growth opportunities we see ahead, the outlook for Cash Converters is very promising,” he said.

Shares in the company were up seven cents, or 7.82 per cent, to 96.5 cents at 8.20am after emerging from a trading halt this morning.

[…]

Tesla shares rise as company says production grew

DETROIT (AP) — Shares of Tesla Motors Inc. rose more than 3 percent Monday as the electric vehicle maker said it was now making enough cars to generate positive operating cash flow.

But the Palo Alto, Calif., company’s third-quarter net loss grew almost 70 percent, to $110.8 million, or $1.05 per share, compared with a loss of $65.1 million, or 63 cents per share, a year earlier. Revenue was $50.1 million, down 13 percent from a year earlier. Excluding one-time items such as $12.5 million in stock-based compensation, the company lost 92 cents per share. Analysts polled by FactSet expected a loss of 89 cents per share on $55.7 million in revenue.

The company said it transitioned to a mass-production car company during the quarter, growing from making five cars per week to 100 cars per week. In the current quarter, it is building more than 200 Model S sedans per week, or 10,000 cars per year, and it expects to double production again in one month to 400 cars per week. The company said it delivered 253 of the Model S in the third quarter and 68 Roadsters, and it increased sales of powertrains to Toyota to run the electric RAV4 small SUV.

“We are now at a production rate capable of generating positive operating cash flow,” the company said in a statement.

Production of the Model S was hampered during the quarter by parts supply issues, which the company said Monday had been resolved.

Tesla, the brainchild of PayPal billionaire and SpaceX founder Elon Musk, now has two all-electric models on the market, the $109,000 Roadster and the new Model S, which starts at $49,900 after a federal tax credit. The Roadster is being phased out as the Model S goes on sale. Tesla has lost money since sales of the Roadster began in 2008, and the company is banking on the cheaper Model S to expand its market.

Tesla said it finished drawing on a $465 million loan from the U.S. Department of Energy during the quarter. The company has made two $15 million loan payments before they were due, spokeswoman Christina Ra said. The payments are due in December and March.

The company also said it finished the quarter with $109 million in cash. This includes short-term restricted cash to make the first loan payment due in December, the company said. It also said it raised $222 million in an equity offering just after the quarter ended.

Research and Development costs rose to $61.9 million last quarter, up 14.5 percent from a year ago. The company maintained its 2012 revenue guidance of $400 million to $440 million and said it expects to deliver 2,500 to 3,000 Model S cars to customers in the fourth quarter and 20,000 next year. Analysts expect full-year revenue of $408.8 million. Tesla expects to get to positive free cash flow by the end of the fourth quarter.

Shares of Tesla rose 91 cents, or 3.2 percent, to $29.83 in Monday morning trading. They have traded in a range of $22.64 to $39.95 in the past year.

[…]