26th Jan 2016 09:53
LONDON (Alliance News) - Avocet Mining PLC on Tuesday said it has agreed terms with its largest shareholder Elliott Management for a further USD800,000 loan funding.
The funding is expected to meet Avocet's corporate requirements for three months and is intended to allow the company to continue its business review while exploring longer-term funding options, it said.
The new loan funding represents an increase in an existing loan agreement with Manchester Securities Corp, an affiliate of Elliott, signed in January 2015 for USD1.5 million, which will be amended to a new limit of USD2.3 million at an interest rate of 14%. The loan will be unsecured and repayable on demand.
Elliott has a 28% holding in Avocet.
Shares in Avocet were trading down 4.1% at 1.99 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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