1st Oct 2019 15:14
(Alliance News) - Coal miner Oracle Power PLC on Monday said it entered into a GBP200,000 loan agreement with a substantial shareholder to secure further working capital.
Brandon Hill Capital Ltd and associated parties including its parent company Optima Worldwide Group PLC, own a 23% stake in Oracle.
Oracle explained: "GBP50,000 is available for draw down by Oracle in any calendar month and providing a minimum of 30 days has passed since the previous drawdown, up to a combined total of GBP200,000. A coupon of 12% per annum will be applied only to those funds drawn by the company."
The company posted a slightly widened pretax loss to GBP482,545 from GBP458,871 in the six months to June 30. Administrative expenses rose by 3.3% to GBP475,048 from GBP459,986.
Oracle said: "As to be expected for a mining company at our stage of development, our financial results for the six months to June 30, 2019 show a loss for the period."
The firm operates a combined lignite mineral resource and mine mouth power plant in the Sindh province of Pakistan.
Shares in Oracle were 6.6% lower at 0.25 pence apiece in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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