14th Feb 2019 18:05
LONDON (Alliance News) - Baker Steel Resources Trust Ltd said on Thursday it has agreed to invest USD3 million into Canadian mineral exploration firm Azarga Metals Corp.
Baker Steel agreed to make the investment in three tranches, via a four year convertible loan with an 8.0% per annum interest rate and conversion price of CAD0.14 per share.
The company said Azarga Metals plans to use the proceeds to undertake a second-phase drilling and exploration programme to increase the existing resource estimate of its Unkur copper-silver project, in Russia.
Shares in Baker Steel closed up 2.2% at 46.00 pence on Thursday.
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