24th Jul 2014 12:58
LONDON (Alliance News) - Savannah Resources PLC Thursday said it has again postponed the drawdown of funds under its equity funding facility with Bergen Global Opportunity Fund LP for a further 30 days from Wednesday.
Savannah previously paused the draw down of funds from the facility twice, on May 1 and June 20 for 30 days each, citing general share-market conditions for junior resources companies.
In May, the company said it had drawn down USD800,000 under the facility so far.
Savannah again said on Thursday that the ability to pause draw downs underscored "the flexibility of the facility agreement", and reiterated that it had the right to terminate the facility at any time on the payment of a "modest termination fee."
Shares in Savannah Resources were trading down 1.0% at 4.33 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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