19th Mar 2015 13:12
LONDON (Alliance News) - Hunter Resources PLC on Thursday said it expects to complete the acquisition of a 51% stake in the Pampamali gold, silver and base metals project in Peru at a lower price than originally anticipated.
Hunter said it expects to complete the revised agreement with the owner of the Pampamali project, under which Hunter will get a 51% interest in the project, and said the deal will be at a lower cost than originally anticipated.
Hunter added it is continuing to conserve its working capital and has more than 50% of the financing it raised in July 2014 still available. Hunter raised GBP925,000 via a share placing in July following the reverse takeover of Gold Hunter SAC, a subsidiary of Global Pearl Ltd.
Hunter also said it is continuing to work towards securing the relevant regulatory approvals for the Pampamali project. Hunter says it has engaged consultants in order to assist in securing these approvals but said the process "does take time".
Hunter shares were up 29% to 0.45 pence on Thursday, one of the best performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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