31st Oct 2014 10:05
LONDON (Alliance News) - North River Resources PLC on Friday said it has satisfied the conditions to start the drawdown of the second tranche of the equity facility provided by Greenstone Resources LP.
North River signed a USD12 million investment agreement with Greenstone in July.
It said it has now completed a number of key operational objectives at the Namib lead-silver project in Namibia, allowing to draw down the second tranche of the investment.
The second trance will involve the issue of shares to Greenstone at 0.7 per share, raising total proceeds of USD2.9 million. North River Resources shares were up 1.3% at 0.694p Friday morning.
The number of shares in North River to be issued under the deal will be determined by the exchange rate at the time of payment, it said.
"We are very pleased to have reached this series of project milestones and continue to work with our strategic partner Greenstone Resources. Project planning remains on track and there will be further news regarding this shortly," said North River Managing Director Martin French.
By Sam Unsted; [email protected]; @SamUAtAlliance
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