21st Feb 2014 11:26
LONDON (Alliance News) - Armadale Capital PLC Friday said its 40% owned Mine Restoration Investment Ltd has agreed commercial terms for the sale of coal fines and completed ZAR4.5 million in financing.
The company said MRI agreed commercial terms with Keaton Energy for the sale of coal fines produced at its coal fines processing and briquetting project at Vaalkrantz, South Africa.
MRI announced in January that the coal processing plant has been fully commissioned and is capable of commencing commercial operations.
Armadale said that MRI continues to have discussions and trials with potential customers for the coal briquettes it is also able to produce.
Armadale added that it has entered into a loan agreement with MRI, providing a further ZAR2 million to the company, which together with ZAR2.5 million that MRI raised through a share placement recently, gives the company ZAR4.5 million in extra capital.
The company said the additional funds will provide working capital and enable MRI to continue its discussions with a view to increasing it?s equity interest in the Coal Processing Plant
Armadale Capital shares were down 1.7% to 0.147 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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