20th Jun 2014 11:50
LONDON (Alliance News) - Savannah Resources PLC said Friday it had agreed to pause the draw-down of funds under its equity funding facility with Bergen Global Opportunity Fund LP for a further 30 days from June 23.
Savannah previously paused the draw down of funds from the facility on May 1 for 30 days, citing general share-market conditions for junior resources companies.
At that time, it said it had drawn down USD800,000 under the facility so far.
Savannah said Friday 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 were trading up 2.9% at 4.50 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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