24th Mar 2020 06:41
(Alliance News) - Investment company Kazera Global PLC on Monday said that it has secured GBP200,000 through short-term unsecured loan facilities from a consortium of investors and shareholders.
The company, which owns a stake in the Tantalite Valley mine in Namibia, intends to use the proceeds from the loan for working capital while it engages with potential funders for the development of the mine.
Kazera has a 75% stake in African Tantalum Pty Ltd, which in turn owns the mine.
Kazera Chair Giles Clarke and Non-Executive Director Nick Harrison participated in the loan facilities. The loan facilities are subject to a fixed interest charge of GBP20,000, being 10% of the total sum available under the facilities, and are due for repayment on January 29 of next year.
The company believes drawing down the loan, available in five tranches, will provide the company with sufficient cash resources to enable it to operate until at least September 2020, by which time it hopes to have secured a transaction with a strategic financing partner.
Shares in the company closed at 0.26 pence each in London on Monday, up 8.3%.
By Tapan Panchal; [email protected]
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