28th Sep 2018 17:34
(Correcting lead that Bellzone in fact received no assurance on further funding from major shareholder)
LONDON (Alliance News) - Bellzone Mining PLC said on Thursday that it has received no assurance on further funding from its majority shareholder, Hudson Global Group Ltd, mainly on the undrawn amount under a loan facility.
As a result, Bellzone said it is review alternative financing options available, including new equity investment and monetisation of its port asset.
"Whilst the company's existing cash resources are forecast to last until December 2018, it will be necessary in the board's view to raise further funds by mid-November 2018 to maintain the company's status as a going concern. There can be no assurance that the company will be successful in its efforts to raise such funds in which case it may be necessary to invoke an insolvency procedure," Bellzone said in a statement.
Shares in Bellzone Mining closed down 53% at 0.28 pence on Friday.
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