16th Oct 2014 08:50
LONDON (Alliance News) - Armadale Capital PLC on Thursday said it has secured a deal with Bergen Global Opportunity Fund LP to secure funding to back the development of the Mpokoto gold project in the Democratic Republic of Congo.
Armadale, the investment company focusing on African natural resources projects, said it has signed a deal with Bergen to secure flexible funding of up to USD2.7 million to back the development of the project towards commercial production.
Under the deal, Armadale will issue a zero coupon convertible security to Bergen with a nominal value of USD480,000, along with up to USD2.3 million in convertible securities.
Armadale is targeting the start of gold production from the Mpokoto site in the second half of 2015.
"We are pleased to welcome another institutional investor to our register. Securing this additional funding comes at an important time in the development of the Mpokoto Gold Project," said Armadale Chairman Peter Marks.
By Sam Unsted; [email protected]; @SamUAtAlliance
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