22nd May 2015 14:47
LONDON (Alliance News) - Avocet Mining PLC Friday said that Elliott Management Corporation has agreed to increase its short-term loan arrangement to USD2.4 million from USD2.1 million.
The loan, assuming Avocet is able to draw it down in full, is expected to meet the company's corporate requirements through to the end of September 2015 and is intended to allow Avocet to continue its business review, while exploring longer term funding options.
Elliott Management is Avocet's largest shareholder, with a 28% stake in the business.
Shares in Avocet were trading up 6.8% at 5.18 pence Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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