24th Dec 2015 07:41
LONDON (Alliance News) - Bellzone Mining PLC said Thursday it has inked a deal with Hudson Global Group Ltd, which has a 50.5% stake in Bellzone, for its working capital funding for 2016.
Hudson will make a loan facility of up to USD6.5 million available to Bellzone, which is expected to be enough to provide the company with sufficient working capital for 2016.
Up until the end of 2015, Bellzone's working capital requirements have been funded by a USD10 million loan from China Sonangol International Pte Ltd, which has now been fully drawn down. Both China Sonangol International Pte Ltd and Hudson are wholly-owned subsidiaries of China Sonangol International Ltd.
Hudson will continue to provide financial support for Bellzone on "substantially the same commercial terms" as the existing China Sonangol facility.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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