3rd Dec 2018 12:41
LONDON (Alliance News) - Shares in Bellzone Mining PLC were suspended from trading on Monday after the company said it is looking to raise funds as its "capital position remains tight" and its largest shareholder has refused further support.
The stock was last quoted at 0.25 pence, down 70% in the year to date.
Bellzone said that it is in talks to raise further capital but, at present, there has been no definitive agreement.
Furthermore, the company's largest shareholder, Hudson Global Group Ltd, informed the iron ore miner that "it is no longer considering providing any additional funding".
"The company's working capital position remains tight and there remains the risk that unless further funds are sourced in the very near term, then the company will need to invoke an insolvency procedure," Bellzone said.
It added that, as a way to raise money, it is looking to monetise its Konta Port asset, located in Guinea, with an interested party.